Recently, I took another look at IBC stuff, and the more I read, the more I feel that cross-chain is essentially about "who do I trust." It's not just about trusting the consensus of a single chain; you also have to trust that the light client/verification logic isn't written incorrectly, trust that relayers won't stall when transmitting messages (they generally shouldn't be malicious, but they can make you wait until your patience explodes), and that the channel/connection configurations aren't messed with by others. As for those bridges, many of them are actually outsourcing trust to multi-signature schemes, custodians, or a set of self-built verification networks—it's more convenient but has a different flavor.

These days, everyone is comparing RWA, US bond yields, and on-chain yield products together. I'm actually more concerned about: how many layers of "message passing" are hidden behind the returns? Each additional component adds another layer of trust. When the market is cold, I prefer to pick slowly, first understand the entire chain before taking action... We'll talk more about this next time.