Recently, someone has been asking if they can chase yields after seeing APY screenshots from yield aggregators... I usually don’t look at the numbers first, I check which contracts the money was put into, whether there are permissions to change the routing at any time, and if the source of the yield is supported by a large market maker or lending pool. To put it simply, APY is just superficial; behind it are contract risks plus counterparty risks stacking together, sometimes with small tricks like “temporary liquidity reallocation.” If you don’t monitor on-chain, it’s hard to notice.

These days, the calendar for staking unlocks and token unlocks has been repeatedly brought up, and everyone is anxious about selling pressure. I’m actually more concerned about whether these aggregators will suddenly change strategies before and after unlocks, leading you to more aggressive pools to “boost yields,” with all the risks on your side. What I don’t regret is that I’d rather earn less and understand the fund flow clearly, at least I can sleep more peacefully. That’s all for now.