I just glanced at the APY on a certain yield aggregator, and the numbers look really tempting—but once I click into the underlying contracts, I start to feel uneasy. Basically, behind those high yields are all kinds of complex contract logic and counterparty risk. Who knows which step could trip a landmine. Lately, a lot of people have been comparing RWA and on-chain yield products, saying that U.S. Treasury yields are steady, and that those flashy on-chain aggregators might not be as worry-free. Anyway, I’m a bit scared right now. When I see a high APY, my first thought is whether the contract has any loopholes and who is actually managing the fund pool. Forget it—I’d rather make a little less than be woken up in the middle of the night by liquidation alerts via text messages.