Lately, I've been dazzled by the APY of yield aggregators again, but for now I mainly open them to see which contracts they are actually funneling money into… To be clear, it's not just "one pool," but a series of routes plus permissions. If any of the strategy contracts get upgraded or permissions aren't managed properly, you become the counterparty. And then there are those that include reward tokens in the APY calculation; the numbers look pretty, but when selling pressure hits, it becomes very awkward.

Recently, everyone keeps comparing on-chain yield products to RWA (Real-World Assets) and U.S. Treasury yields, which I can understand. At least their sources of income are clearly explained; on-chain, it’s more like a “combination punch.” It’s transparent, but you need patience to flip through the contracts layer by layer.

Anyway, I’ve gotten used to: checking permissions, whether they can be paused or upgraded, and where the funds actually went—then taking screenshots to save, so I don’t forget why I dared to jump in after a couple of days.