I'm not very good at explaining the structure of various yield aggregators clearly, but right now I mainly analyze APY based on "who is bearing the risk for me." On the surface, it's automatically doing arbitrage, but behind the scenes, it's actually layers of contracts wrapped around contracts, strategies involving borrowing, market making, cross-chain operations—any hiccup in any link can't be offset just by saying "the annualized return is high." What's more frustrating is that the counterparty isn't necessarily a person; it could be liquidity in a pool, a certain oracle, or an upgradable contract segment... Basically, you're buying into a series of assumptions that all need to hold true. Recently, the testnet incentives and points wave have raised everyone's expectations, with daily guesses about whether the mainnet will issue tokens. I'm tempted too, but I wrote on my sticky note: treat small positions like lottery tickets, don't delete your stop-loss, and don't put your principal in just for a "possible airdrop." Anyway, I'd rather earn a little less than wake up in the middle of the night to a liquidation alert.