Recently, I've seen a bunch of comparisons between RWA and U.S. Treasury yields, and on-chain "yield products," claiming they're as stable as a piggy bank... I won't pretend, just listening makes me want to laugh. The biggest problem with on-chain RWA isn't the chain itself, but whether you can redeem, when you can redeem, and who makes the call. Many pools look like they have a large TVL, but when you actually click "redeem," the terms are full of cooling-off periods, limits, manual reviews—basically, liquidity is just an illusion.

Now, when I test new pools, I don't look at APY first; I check contract permissions and fund flow, whether I can pause with one click, whether rules can be changed arbitrarily, and if there are any strange whitelists. Anyway, I treat these things as living day by day—don't take "on-chain" as a talisman, and if it really blows up, don't pretend to be innocent.