Recently, I saw a bunch of discussions about "data availability, ordering, finality" that are confusing people... I’ll now focus on one main thread: who actually keeps the ledger for this transaction, who queues it, and how long it takes to truly settle. In simple terms, there are three things: where the data is stored (can it be retrieved later), who has the authority to jump the queue (whether it can be front-run or not), and whether it can be reversed if something goes wrong (rollback risk). The fancy terminology ultimately boils down to cost and execution.

By the way, seeing everyone compare RWA, US bond yields, and various "yields" on-chain together, my feeling is: don’t focus on the numbers first, ask who sets the "calculation rules" and "implementation rules." Anyway, I don’t chase hype, nor do I leverage too much; being able to sleep well is better than anything.