Recently, someone asked me again where that "really tempting" APY from the yield aggregator comes from... To be honest, don’t just focus on the numbers; first, check where the money is actually going: is it generated through circular lending, or is it subsidized by a market-making/perpetual funding rate? When the rate is extreme, the group chat is arguing whether to reverse the position or keep squeezing the bubble. I’ve become more cautious—at this point, many "high APYs" are just counterparties giving you candy; once the candy’s gone, all that’s left is toothache.

Now I look at aggregators by first checking contract permissions (can strategies be changed at will, can withdrawals be paused), then examining the fund flow (is there an external vault you can’t understand at all), and finally seeing if the unlocks/rewards can be cut at any time. A friend said the other day, "Just leave it overnight," and I told him: even one night is enough for something to go wrong... For now, I’d rather earn less than experience another rug pull recovery.