Today, I observed a few transactions that looked like "coincidental transfers": A just received money and then transferred to B, B then split it among several addresses. At first glance, it seems like money laundering, but upon closer inspection, it actually resembles a "fund routing"—first passing through an intermediary pool to find the deepest liquidity, then swapping into the desired asset in the target pool, and finally consolidating into the main address. By matching timestamps, gas usage habits, and interaction contracts, many so-called coincidences become less mysterious.

Recently, I’ve been comparing RWA (Real-World Assets) and U.S. Treasury yields with on-chain yield products. Honestly, I care more about where the cash flow originates and who takes a cut along the way… The on-chain part is actually easier to explain through the transaction path.

Tomorrow, I will draw a diagram of this route and mark the role of the intermediary contracts. That’s all for now.