I used to be pretty stubborn: I only look at on-chain. Don’t try to pull macro emotions on me. Later, I got slapped in the face a few times before I finally behaved… No matter how transparent the on-chain is, can the data actually survive? Who ultimately gets to call the shots on the ordering? And in the end, does it really count as “settled”? If you don’t figure out this main thread, even looking at more addresses feels like looking through fog.

Recently, everyone has been putting RWA, US bond yields, and on-chain yield products side by side. My first reaction isn’t “how high the annualized return is,” but: what does the yield rely on to actually land in reality? If there’s a problem with data availability, what do you use to reconcile? If the ordering gets jumped, the trade you think is happening might not even be yours. And if finality isn’t in place, then so-called “stable returns” are just a gust of wind. Anyway, now that I see upgradeable permissions plus a yield narrative, I just frown first. That’s it for now.