Recently, I saw yield aggregators claiming APY as if they were cheating, with a bunch of people in the group eyes shining... I can only say, no more pretending: APY isn't falling from the sky; it's the contract tightening screws behind the scenes.

What you're buying is a bunch of contract logic + a bunch of permission buttons, and incidentally, a "personality package" of the counterparty not exploding/absconding/being liquidated.

Especially those that transfer your funds back and forth, with paths that look like subway transfer maps, honestly, any glitch in any link in the chain can throw you into the ditch.
Even more outrageous, some yields look like "interest," but in fact, the counterparty is playing leverage or losing money elsewhere to cover you.
When everything is calm, it looks good, but when you encounter extreme spot/contract funding rates, and everyone is arguing about reversals or continuing to pump the bubble, many on-chain strategies directly turn into "who runs first wins."

My current approach is quite timid: I prefer lower APY, but choose contracts that are simple, with fewer permissions, and easy to exit without detours;
No matter how high the numbers are, opening the contract looks like a Russian nesting doll...
Forget it, leave it to the bold to make money.