Recently, everyone has been comparing RWA, US bond yields, and on-chain yield products all together. I find it a bit "illusory" to watch. The liquidity on-chain is often supported by market making and sentiment; when the redemption window opens, the terms are the real boss: T+ how many? Are there gates, can it be phased, in extreme cases can it be delayed or redeemed at a discount... Basically, what you're buying isn't "yield," but the right to get back the principal plus interest under certain conditions. My first impression of RWA projects now isn't APY, but how the redemption is written; the longer it is, the more uneasy I feel. Anyway, I will control my position, preferring to earn less rather than find out later that I hold a queue number.