At 2 AM, I scrolled past a comparison table of RWA yields, and my finger was already hovering over the "add position" button.

Suddenly, I remembered the last time I was in this exact same stance—I thought I had figured out the U.S. Treasury yield numbers, but when I jumped in, I realized I was buying into a pool whose permissions could be arbitrarily changed. The annualized rate looked nice, but the contract hid a line of logic allowing the owner to make emergency withdrawals.

Now I've learned my lesson. When I feel the itch, I first lock the screen, go get a glass of water, and come back to ask myself: Was that impulse driven by actual understanding, or just the fear of missing out on something "everyone is talking about"? The RWA narrative is blowing strong, but how many layers of intermediaries separate on-chain products from real government bonds, and how many lines of unopened source code are involved—I haven't fully figured that out either.

Anyway, I'll leave my position as is for now. I'll pull up the permission configuration again during the daytime tomorrow.