Hey, lately I’ve been seeing that crowd hyping modular blockchains like crazy. Developers are getting as excited as if it were Chinese New Year. But what about users? Looking completely clueless—what does this even have to do with me… Anyway, I’m going to put it on hold for now and talk later.

Back to yield aggregators: these days I’ve dug into the APYs of a few projects. On the surface, they look pretty tasty, but when you算仔细算, the contract and counterparty risks hidden inside—basically, it’s a stack of knives layered on top of each other. You think APY is free money? Actually, it’s a bet between you and a bunch of perpetual futures market makers. If the funding rate swings, your “yield” could turn negative directly.

I no longer believe the “risk-free arbitrage” people claim. In this industry, data is the only truth—everything else is just noise.