Hey, lately I’ve been looking at those yield aggregators. The APY is often dozens or even hundreds. But once you click in, you find that behind it is contract stacking like a game of building blocks—one thing goes unstable and the whole building collapses. Honestly, as someone who’s the “doesn’t do research, doesn’t place orders” type, when I see a high APY, my first reaction isn’t to rush in—it’s to flip through the contract logic and see who the counterparty is.

Before, when new L1/L2s started offering incentives to pull TVL, old users complained about “mining, then selling, then selling” — I actually understand. You mine for hours, and when the counterparty runs away, your returns turn into nothing but air.

I have a friend who only looks at on-chain data. He thinks every bit of emotion is just noise. As a result, several times he sold at a low point and then held on until the emotional trend reversed to get back to even. On the flip side, another friend only looks at sentiment. He’s made a few gains by chasing up and selling down, but the moment something goes wrong with on-chain contracts, he’s the one who gets knocked over.

Lately I’m increasingly convinced that on-chain data is the skeleton, and sentiment is the flesh—missing either one and you won’t get far. Anyway, be a bit paranoid, but with limits. Otherwise, even the highest APY can’t save you.