Last night, I saw people talking about cross-chain again, saying it’s as instant as ordering takeout—“it arrives in seconds.” I, however, felt a little uneasy.

I treat simplicity as a trap: one cross-chain transfer, in plain terms, means you have to trust a whole chain of things—on the source chain, it must not roll back; on the target chain, it must not mess up the bookkeeping/accounting entries; in the middle, the whole message-passing/relay setup must not go rogue; and the verification methods (light clients/multisig/oracles) must not break down. Plus, the bridge’s contract itself can’t have any loopholes.

IBC is relatively like “passing small notes according to the rules,” but you still have to ask: who is sending the note? Who is verifying it? And if verification goes wrong, who ends up taking the blame?

Recently, people have been comparing RWA and U.S. Treasury yield rates to on-chain yield products, and I can only say one thing: the more the yield looks “steady and secure,” the more you need to clarify first exactly where the trust is actually being placed… That’s all for now.