Last night I kept seeing people post screenshots of an APY “yield aggregator” with that kind of “lying back and getting paid” tone in the caption. In the comments, they’d be sharing little rumors about stablecoin regulation and reserve audits on the one hand, and on the other hand they’d use “depegging” talk to scare themselves… In short, the emotions are pretty much uniform: fear missing out, and fear stepping on a mine.

Right now, when I look at APY, I treat it as just an “advertising sign” first. The real point is what contract the money actually gets stuffed into, who it’s being lent to, and who’s there to stand behind it. Just because the aggregator lets you click buttons doesn’t mean it also helps you shoulder counterparty risk correctly. Once a contract goes wrong, no matter how shiny the screenshot looks, it’s useless. On-chain is pretty straightforward: people say it’s “safe and steady,” but in their wallet activity it’s all the same chase-the-high-yield routine. Anyway, I’ll set aside a bit less for now—sleeping well matters more.