I just finished running a backtest and stared at the curve in a daze. Suddenly, I realized that all these on-chain terms can actually be strung together by a single line: first, the data has to be “accessible” (don’t let key data get stuck in a small group/circle at a certain node); once you’ve got it, you also need to “arrange it in the same order” (otherwise, the order of trades and liquidations you see won’t match everyone else’s); and only then is it “whether this is finally settled” (don’t change your mind or roll it back after two hours). Put simply: the data you use to make decisions—whether it’s reliable, whether anyone can tamper with it passively, and whether it will blow up. Recently, RWA, US Treasury bond yields, and on-chain yield products have been pulled together and compared again and again—I’m actually more concerned about whether these three underlying steps are solid. Returns look like interest, but sometimes the risk is more like “the finality of the system you believe in.” Grab this main thread first—other terms won’t scare people.