Recently, someone sent me a screenshot of an APY from a yield aggregator, and the numbers looked pretty tempting... But my "mild rug pull allergy" immediately made me think: where does this yield actually come from? Is the contract automatically earning it, or is it just fueling me to become the counterparty? To put it simply, APY isn't usually magic; it's about permissions, routing, lending pools, and a bit of "just in case." Especially those admin rights that can change strategies at any time and allow one-click withdrawal of funds—I really need to be reminded: don’t get blinded by the dashboard, first check how the money goes in, how it comes out, and who’s responsible if something goes wrong (or if no one is responsible at all). Also, these days there's a lot of talk about ETF capital flows and how US stock market risk appetite influences crypto prices. I get swept up in the rhythm too, but in the end, it all boils down to one thing: no matter how macro it is, if the contract is poorly written, it can still make you go back to square one overnight. That’s it for now, I’m going to check the permissions.