The more I look at the re-pledge/shared security system, the more I feel that when returns are stacking, people also tend to casually stack "a sense of security"… Basically, it's the same risk wrapped in multiple layers of packaging, and the drawdowns could come together as well. Recently, someone compared RWA and U.S. Treasury yields to on-chain yield products, and I find it a bit theatrical: one is cash flow/term structure, and the other is more about mechanism + sentiment premium. Don't mix them up and treat them as "risk-free anchors." If you can only keep one habit: always ask first, "Where's the loss?" for any source of return.