Recently, someone sent me a screenshot of a yield aggregator, claiming the APY is ridiculously high... I immediately became a bit suspicious. To put it simply, the APY is just the sweet sign at the entrance; once you go in, you realize what's behind the scenes: Are the contracts risky? Can permissions be changed at will? Who exactly did the money go to as the counterparty? There might even be several layers of intermediaries, and I’m too lazy to count (last week, I got overwhelmed after reaching the third layer). Now, the funding rates are extremely high, and the group is still arguing whether it's a reversal or just a bubble about to burst. I, for one, won’t chase after this “sweetness” anymore—better to earn a little less than to melt away and be left with just an empty cup.