Treasury yields are the pricing anchor for all assets, and onchain yields are no exception. Trace them back to their source, and you have to ask who is paying. For example, the 10-year U.S. Treasury yield is often viewed as the global risk-free rate benchmark. When it moves, stock valuations, mortgage rates, corporate bond spreads, and even the discount rates applied to crypto assets are all recalibrated. The so-called “8% APY on stablecoins” onchain doesn’t come out of nowhere: either borrowers pay interest, the protocol subsidizes it with tokens, or the underlying assets are short-term Treasuries and money market funds. In the end, the payer is still tied to Treasury yields. Corporate bonds belong in a portfolio because they offer a real credit premium at a particular point on the yield curve—not because a compelling narrative props them up. Take an A-rated corporate bond, for example: if it pays a 5% coupon while a Treasury of the same maturity yields 4%, that extra roughly 100 basis points is compensation for investors taking on default and liquidity risk. Investment-grade credit spreads are commonly around 100–150 basis points, while high-yield bonds often require 300–500 basis points. These figures fluctuate with the cycle, but the logic doesn’t change. If you accept zero premium just because “the story is good,” your portfolio is effectively flying naked. The longer you stare at the market, the more you start seeing what you want to see: when your positions are doing well, you focus only on bullish signals and ignore widening spreads and an inverted yield curve; you mistake liquidity mining subsidies for sustainable returns and token incentives for genuine interest payments. The yield curve doesn’t lie. Through term spreads, credit spreads, and real interest rates, it lays bare who is taking on risk and who is paying. If you disagree, share your reasoning.