Recently, some people have been comparing on-chain yields to RWA and U.S. Treasury bonds.

Honestly, everyone likes looking at the numbers, but the APY from yield aggregators doesn't just "grow out of thin air."
The moment you click in, there are usually several layers of contracts working behind the scenes to move your funds: routing, vaults, strategies, down to specific pools.
Any small issue in any layer means your money isn't just "earning a little less"—it's more complicated.

Now I don't get excited about APY right away.
First, I look for two things: contract permissions (who can modify strategies, withdraw funds, upgrade) and who the counterparty is (which is basically where the yield ultimately comes from and who you're backing).
Some projects are packaged as fixed income, but in reality, they're borrowing and cycling, and when the market shifts, there's no time to patch things up.

Anyway, I just treat it as if my clothes have a small tear—patch what I can with minor repairs.
Don't over-leverage your position, be cautious with strategies that change frequently, and only jump in when you understand the cash flow.
Don't just stare at that glowing APY number.