Stared at the APY number on the yield aggregator for ten minutes, suddenly felt a bit annoyed.

In plain terms, the 8% 12% you see are the high-water marks taken by the frontend. The contract hides how many layers of nesting, which pool the funds are actually sitting in, and who the counterparty is — you have to dig it out yourself. I've seen an aggregator that had three leverage protocols stacked underneath, and the user interface just said "low risk" — quite dark humor.

Recently, MEV and ordering fairness have been heavily criticized, and it's the same on the aggregator side — your yield has already been sandwiched, it's just that the interface doesn't tell you. I can pull on-chain data, but after pulling it, I become more clear-headed: so-called passive income is just outsourcing "actively stepping into pits" to a contract.

Anyway, that's it for now. The coffee has gone cold.