I just saw a newly released yield aggregator. The APY on it looks pretty good. I clicked in and skimmed the contracts—the reward source description is a bit vague. It says the underlying protocol generates yield, but it doesn’t clearly explain how funds can be withdrawn if that protocol has issues or gets liquidated. I’ve been burned by this before: I chased the numbers thinking it was safe, only to find the underlying contract got attacked, and my principal got stuck for weeks.

Anyway, whenever I see a high APY now, I first check which protocols it aggregates and what the liquidation mechanism is—otherwise you’re basically just giving yourself up as someone else’s liquidity bench-warmer.

By the way, I’ve been hearing more talk recently about “attention as mining,” and it feels pretty similar to that old wave of fan tokens… But can this kind of intangible “attention” really be used as collateral? There are always new concepts that make people’s heads run hot—I think I’ll probably wait and look at the audit report first.