Recently, someone asked me again whether the APY of a yield aggregator is “easy money,” and when I hear a high APY now, I feel a bit wary instead… To put it simply, behind that string of numbers is the contract helping you move bricks: who’s the pool the money goes into, who holds the permissions, and who covers you if something goes wrong—many people don’t even look at that. In the past, I only looked at the annualized rate and TVL and went for it, but now I’m used to first checking the contract permissions and where the funds flow, and I’ll even draw a little diagram of the path—so at least I know whether I’m betting on the strategy or on the counterparty.

Recently, testnet incentives and expectations for points have been hot again, and everyone is guessing whether the mainnet will issue tokens. I’ll go and try it too, but my mindset has changed: points are a bonus, not insurance. In any case, if you can see the structure clearly, then participate; if you can’t see it clearly, you’d rather earn less and sleep easy.