My phone just popped up a red dot again, saying “on-chain high yields.” My first reaction wasn’t to click it—I immediately revoked the authorization for the test interaction from last night… OCD can’t be cured.

Lately, macro really affects my position: once interest rates rise, the “risk-free” part outside (like U.S. Treasuries) becomes more “appealing,” and risk appetite is likely to shrink. In crypto, I’ll unconsciously reduce leverage and split my positions a bit, keep more stablecoins, and sleep soundly. On the flip side, when interest-rate expectations loosen a little, that’s when I dare to slowly add back to my “watch position.”

Now RWA, U.S. Treasury yields, and on-chain yield products are often shoved into the same comparison. To put it plainly, a lot of people are comparing “things that look like interest,” but what I care about is: where does this yield come from, can I exit at any time, and whether the authorization is a whole mess of permissions. No matter how high the yield is—if deposits/withdrawals get blocked or contract permissions aren’t turned off, the risk isn’t on the same level… For now, that’s it. Anyway, after I finish interacting, I’ll still go click revoke—like locking the door.