Recently, someone asked me again why the APY on yield aggregators looks so attractive... To be honest, APY is just a front sign; what really matters is which contracts are connected behind the scenes, where the money is transferred, and who is responsible for paying it back. You might think it's "auto-compounding," but it could actually be "automatically treating you as the counterparty." If you don't understand the permissions clearly or follow the fund flows closely, it's almost like treating your wallet as a wishing well.

And now, with modularization and the DeFi layer narratives being hyped up, developers are excited, while users are confused: no matter how many layers you stack or split the chain, in the end, it's still about whether the contract managing your funds has a patch if something goes wrong. My habit is to do small repairs: first, check if I can withdraw anytime, who can change the parameters, whether the funds are moving around in circles, and understand all that before jumping in—don't sell your sleep just for a few numbers.