Lately I've been looking into IBC/message passing, and the more I read, the more I realize that "one-time cross-chain" is not as simple as just clicking a button. To put it plainly, you’re not only trusting the other chain, but also have to trust: who is feeding the messages (relayer), what exactly do the light clients verify on both sides, whether the timeout/rollback mechanisms can handle issues, and whether the set of validators/multisigs/oracles in the bridge has hidden risks in the corners. Some bridges claim to be trustless, but in reality, they’re just shifting trust from one place to another, just with a different name.

Additionally, now everyone compares RWA, US bond yields, and on-chain yield products together. I’d also ask first: when these yields cross the chain back and forth, who bears the trust cost in the middle? The yields may look stable, but if the bridge has a problem, it’s no longer just "volatility" that explains it.

After staring at these diagrams and documents for an afternoon, my eyes are a bit sore, and my neck is stiff… I’ll stop here for now and analyze more tomorrow.