Recently, I've been looking at the APY displays of a few yield aggregators again. To be honest, those numbers are just the results; what I care more about is which pools are connected behind the scenes, how many times the routing has been changed, and who holds the permissions. Often it's not "interest isn't enough," but rather that you didn't react at all when the contract upgrades or migrates, plus when the counterparty switches, you think you're farming, but you're actually just betting that nothing goes wrong on their side.

In the group these days, someone again takes large on-chain transfers or movements of hot and cold wallets on exchanges as "smart money signals." I do watch those, but I prefer to first clarify the contract addresses where the funds are flowing, the withdrawable mechanisms, and the risk control switches... Otherwise, following the emotions, in the end, it's just "why am I the one paying the bill again." My current approach is pretty cautious: if I can dismantle it myself, I do; I only keep small positions in aggregators, for now.