How OBOL rates yield aggregators
An aggregator is a manager: it takes your deposit, allocates it to strategies you did not choose, and charges a fee. So the first question is not what it yields but what it is doing, and whether you could find out. Vaults whose strategy is a paragraph of marketing rather than a list of positions score badly here regardless of returns.
Contract security carries equal weight, because aggregators inherit every risk of every protocol they touch. A vault farming three lending markets and a DEX carries four sets of contract risk plus its own — a fact that headline APYs never mention.
Net yield is the only yield that matters
We score realised return after management fees, performance fees, harvest gas and withdrawal charges, against the simple alternative of holding the underlying position yourself. Plenty of vaults fail that comparison, especially at small deposit sizes where fixed gas costs eat the compounding advantage.
Where a strategy actually loses money
Aggregator losses rarely come from a headline exploit. They come from a strategy quietly holding a depegging asset, a leveraged loop unwinding, or emissions being farmed into an illiquid token that cannot be sold. We look for deposit caps, emergency exits and honest documentation of exactly these failure modes.