Rush hour elevator has no signal again, so I can only focus on a few of the most prominent on-chain indicators, which actually made me realize a main point: Putting money on the chain, what you're most afraid of isn't the number of terms, but "who's actually ordering things, where is the data stored, and whether it finally counts." In other words, it's about who has the authority to determine transaction order (ordering), whether there's a place to verify data long-term (data availability), and how long it takes before you dare to believe it won't be reversed (finality).

Recently, I keep comparing on-chain yields with RWA and US Treasury yields, which is getting pretty tiresome... but returning to this main point makes it simple: no matter how attractive the returns look, if the underlying order is chaotic, data can't be verified, and finality isn't stable, then you won't sleep well. Anyway, I’ll just keep screenshotting large transfers; I’m too lazy to get involved in other debates.