I just saw another yield aggregator with APY pushing 20%+—and the comments section has already started “charging in.” I took a quick look at the contract: the owner is still an EOA, there’s no timelock on the upgrade permissions, and the vault address and the strategy contract were deployed by the same deployer…



Plainly put, the contract doesn’t make clear how much of that APY is subsidies versus how much is a counterparty risk premium. Now that U.S. Treasuries are at 5%, if an on-chain product truly offered “risk-free” high returns, why wouldn’t people just buy short-term bills directly?

As for me, I’ll check permissions first, then the returns. If permissions aren’t clear, the bigger the APY number, the faster I run. What about you?
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