Lately, I’ve been reviewing the APYs of a few yield aggregators. Put simply, no matter how good the numbers look, you have to ask first: where does this yield actually come from, who wrote the contract, and who is the money being lent to along the way.

A lot of the time, what you think is “automatic reinvestment” is really just chaining together a bunch of strategies, bridges, and lending pools—if any part goes wrong, it can pull you down with it…

Now when I see high APYs, I actually feel a little tense. I’d rather go check permissions, look for any upgrade entry points/privileges, and see whether there are any strange dependencies on counterparties. I’d prefer to earn a bit less.

Also, with the tax/compliance direction changing in certain places recently, even people’s expectations around deposits and withdrawals have been shifting. During times like these, it’s even more important not to lock up all your liquidity.

Anyway, I’m just treating it like patching myself: making small fixes, breaking positions apart, and keeping interaction paths from getting too complicated—stay alive first, then we’ll talk about profits.