Recently, I looked at a few yield aggregator pools again, and the APYs look quite attractive, but my first reaction isn't "how much can I earn," but rather "how many hands has my money changed through." To put it plainly, aggregators are just a layer of "automatic arbitrage" shell, connected to protocols, contract permissions, whether they can be paused or upgraded, and if there are external lending counterparties. If something goes wrong on the chain at any point, the losses will honestly fall on you.

I'm just someone who checks the chain after work, used to opening up the flow of funds and contract call paths to take a look: Is the source of income from fees or subsidies? Who is issuing the subsidies, and how long can they last? And those "strategy contracts that can be upgraded" — they look a bit awkward. It's convenient, but you have to accept that they might change at any time.

Recently, modularization and DAO layer narratives have become popular again, developers are talking excitedly, while users are left confused... I think it's very similar to aggregators: wrapping up complexity, but the risks don't disappear — they just hide somewhere else. Anyway, I now prefer earning a little less than treating "not understanding" as "more advanced."