Just looked at an RWA + U.S. Treasury yield product from a certain protocol, and the logic is actually pretty similar to options—you’re basically betting on which side time stands with. Option buyers always think time value is a friend, but then day after day they watch theta chew through their premium. It’s pretty much the same as those on-chain products where funds are locked to earn returns. The U.S. Treasury yield rate may be steady, but on-chain, things can randomly hit you with impermanent loss or even a rug pull. When you add it all up, it might not be better than simply being the seller in an honest way—collecting rent. Anyway, I’ve now seen through governance voting too: if the incentives are in place, I’ll go for it; if not, I’ll just sit back and watch the show. Time—this thing—is more honest than any proposal.