Recently, someone posted a screenshot of the APY from a yield aggregator in a group chat, accompanied by the phrase "passive income," which gave me a bit of PTSD... To put it simply, those numbers are not magic; they are just a pipeline assembled from multiple contracts: you send your money out, the contract then moves funds to other pools for arbitrage, and if any part of that process (permissions, upgrades, oracles, liquidation, even the operator’s private keys) goes wrong, you're the one footing the bill.

Adding the counterparty risk on top, some so-called "stable" yields are really just betting that others won't run a bank at the same time.
These days, rumors about stablecoin regulation, reserve audits, and de-pegging are being circulated repeatedly. In the group, emotions are running high, and everyone prefers to chase higher APYs for a sense of security... What I’m doing right now is: first, see where the money ultimately ends up, whether I can withdraw at any time, and how much I could lose in the worst case. Only invest if I can accept that; if not, then forget it.