Lately, I've been looking at IBC/message passing/various bridges, and the more I look, the more I realize that cross-chain transactions are not as simple as "sending a package": you have to trust that the source chain won't rollback, trust that the light client/validation logic isn't flawed, trust that the relay won't mess up (even if it shouldn't be malicious, it could still get stuck), and also trust that the target chain's execution step won't be reorganized or paused. To put it simply, cross-chain = stacking the "weather" of two chains, plus an additional layer of message passing, and any layer malfunction can cause a failure.

Now everyone is comparing RWA and US bond yields to on-chain yield products. My feeling is: the yields look like a yield curve, but underneath, the trust components are more complex, especially after cross-chain wrapping, making the risk boundaries more blurred.

The information environment is too noisy. My only noise reduction strategy is this: every time I see "certain cross-chain yield," I first write down who I am trusting. If I can't figure it out, I won't take a position for now.