I'm not very good at explaining fancy strategies, but every time I see yield aggregators display APY so beautifully, my first reaction isn't "how much can I earn," but rather "whose pocket is this yield coming from." To put it simply, the contract is just a pipeline; the water source is either subsidies, lending interest spreads, or someone on the other side bearing volatility/liquidation/de-pegging risks; add a layer of "auto-compounding," and when emotions run high, it flows smoothly like poetry, but when emotions cool down, you'll realize the counterparty is actually yourself.

Recently, the NFT royalty disputes have been quite intense, and it’s similar: everyone says they support creators, but when liquidity tightens, negotiations start. That’s just how the market is; being gentle comes at a cost. Anyway, I only do two things when I look at yields: first, check which contracts have permissions and where the funds are going, and then ask myself, "If no one takes over tomorrow, what’s left of this APY?" Mechanical and straightforward, so your heart isn’t easily swayed.