Recently, many people have been comparing on-chain yield products to U.S. Treasury yields, claiming they are just as stable... Honestly, just hearing that makes me a bit uneasy. The "on-chain data" you see often is delayed: nodes need to sync, RPC (remote procedure call) interfaces need to queue, and indexers have to crawl slowly; during congestion, it gets even more ridiculous. When you see a large transfer in or out, or a pool suddenly thickening, it might already be someone else eating the meat, and you're just smelling the aroma. To put it simply, on-chain data isn't a real-time market screen; at best, it's a monitoring replay. Now I prefer to spend less time looking at pretty dashboards and more on mempool and gas fluctuations, so I can at least know earlier when it's about to rain.