Just saw someone comparing on-chain RWA with U.S. Treasury yield, and honestly I’m a bit lost. Everyone is fixated on that fixed-income portion, as if there’s finally a calculable, guaranteed return—but have you ever considered this: when you buy in and when you redeem, could you be sandwiched by MEV? On-chain “queue jumping” has never been only about snatching some cheap low-cap token. In liquidation, redemption, arbitrage—at no point is there a lack of the shadow of ordering and reordering. I set myself a rule: whenever I’m going to deal with an on-chain yield product, I first check whether its MEV resistance has been discussed. If everyone keeps silent about it, then I’d rather stand down. It’s not that I’m scared—this is just too deep. The excitement is all on the surface; the undertow is the real story.