I just saw a piece of data: an aggregator’s APY was labeled quite high. I looked into the underlying layer more carefully, and it turned out to be just routing funds into a leveraged loop strategy based on U.S. Treasuries. On the surface, the yield looks good, but liquidation logic in the contract and counterparty risk are basically never mentioned. In plain terms, it’s just an on-chain wrapper for RWA. But the U.S. Treasuries yield itself is only so-so—once you add leverage and contract interactions, if something goes off in the middle, your principal could be discounted directly.

Anyway, when I look at products like this now, first I check whether the contract code has any audit vulnerabilities. Then I consider: if the underlying protocol has problems, who is on the hook to cover my money? Lately, a lot of people have been discussing RWA and U.S. Treasury yield, but I think for on-chain yield products to truly outperform traditional options, at least they need to clearly explain the contract’s safety boundaries first. Otherwise, with only an APY number, it’s easy for people to rush in and forget to check who the other side is.