Recently, someone asked again why the APY of yield aggregators looks so attractive... To put it simply, APY is just a surface number; what's really important is which contracts the money is actually being put into, how many layers of certificates are involved, and who is responsible for liquidation and renewal. These are the key points. I now tend to follow the fund flow myself: Is the source of yield from subsidies or actual lending interest spreads? Is there any step that "looks decentralized but actually relies on a certain role to manually intervene"? And then there's counterparty risk, which is often not the pool you think it is, but a bridge, a oracle, or even a contract that silently holds permissions. Recently, retail investors complain that validators earn too much, and MEV causes unfair ordering, which also reflects in these strategies: the same operation, but in a different block environment, the slippage and the chance of being front-run change. Anyway, I now prefer a lower APY, at least knowing who I am doing business with.