Recently, I was browsing the “High APY” page of a yield aggregator again. In plain terms, that string of numbers is like the lighted signboard at the entrance of an archive—whether the lights are on or not doesn’t mean there aren’t traps inside. Click in and take a look: it’s often not a single strategy. What comes after is stacked on with multiple layers of contract approvals, lending pools, and even re-staking, along with various counterparties. Any problem at any link could turn your yield into a storybook.

Now, shared security and yield stacking are being criticized as “nested dolls”—and I get it. The more layers there are, the less it depends on the market and the more it depends on everyone not running away first. Last night, I even ran into a withdrawal issue where I had to refresh and retry, and I had to wait in line for half a day. My mindset snapped into focus instantly: whether I can make money or not can wait—I should first think about whether I can sleep well in the worst-case scenario. Anyway, I’m more willing now to go for a lower yield with a clearer structure.