Recently, I saw the APY of yield aggregators soaring again. Frankly, my first reaction isn't "how much am I earning," but rather "how many layers of contracts are stacked behind this APY, and who is betting against whom." On the surface, aggregators seem to be one-click convenience, but in reality, they are just moving your money back and forth across different pools, with each hop involving permissions, upgrade points, liquidation parameters, plus whether the "strategy executor" is reliable or not.
These days, everyone is linking ETF capital flows, U.S. stock risk appetite, and crypto market