Yesterday, I came across a bunch of "high APY" yield aggregators again. My first reaction wasn't excitement, but to open the contract address and take a look... To put it simply, APY is just the result; what really matters is which pool the money is being put into, how many layers of proxy contracts are used, whether there are upgrade permissions, and whether the returns are just built up from short-term subsidies. These are the true counterparties. Recently, the staking unlocks and token unlock calendar have been brought up every day, and everyone is anxious about selling pressure. I'm actually more worried about this: on the day of unlock, if liquidity thins out, will the aggregator automatically rebalance/redeem all at once, causing slippage and on-chain congestion to hit together? Anyway, I now prefer lower yields if it means I can understand who the money is really trading with. That's all for now.