Last night, I got curious again and checked out the APY of a yield aggregator, the numbers looked pretty attractive, but I immediately thought: who is actually paying this interest? To put it simply, an aggregator just puts your money into a bunch of contracts that keep turning over, with lending pools, market making, and even pockets of some “partners” in between. When something goes wrong, it’s not necessarily the protocol code that blows up; it could be the counterparty running off first.

I also casually looked at large on-chain transfers and unusual activity in exchange hot and cold wallets. The comment section was again shouting “Smart money is here.” But I’m a bit overwhelmed now; transfers could just be repositioning, market making, or consolidating, and have nothing to do with our actual returns.

What annoys me most is that the page keeps refreshing and retrying during operations, and I had to wait in line for a long time just to get in. My mindset shifted from “want to make some profit” to “just don’t get caught in any trouble”… Anyway, I’m just testing with a small amount; if I make a profit, I won’t leverage, and if I lose, I’ll keep analyzing and posting my review tonight.