Recently, when looking at the APY of yield aggregators, a high number can easily get you excited, but I’m used to scrolling down first: where does this yield actually come from, and is it just looping you through a series of contracts? To put it simply, what you’re getting isn’t “interest,” but a packaged note that involves taking on contract risks (upgrades, permissions, oracles, liquidation logic) + counterparty risks (who’s borrowing, who’s market-making, who’s subsidizing). The most common scenario in on-chain data is: once subsidies stop, funds withdraw faster than you can click to exit,