Recently, someone asked me again whether yield aggregators look attractive with their APY and whether to jump in... Whenever I see a high APY, I instinctively look for "signals": where is the money coming from, who holds the contract permissions, and whether you're being sent to deal with an opaque counterparty. To put it simply, APY is just a poster; the real ledger is the stack of contract calls/upgradability/liquidation logic behind it.

And lately, those kinds of opinions that tie ETF fund flows, US stock risk appetite, and crypto price fluctuations together—seeing them too often just makes me want to laugh: everyone’s looking for macro explanations, but I’m more concerned about whether the signals from my positions are starting to distort—like sudden spikes in returns, frequent strategy changes, or TVL pouring in then immediately pulling out. Anyway, I’d rather earn a little less now; being able to sleep well is the most important.