Recently, I see everyone comparing RWA, US bond yields, and various on-chain "yields" together. I think this is quite straightforward: when interest rates are high, money becomes more selective, fewer are willing to take on volatility, and as risk appetite decreases, I, as an LP, will slow down my position buildup and diversify more. I'd rather pay fewer fees than suffer a big drawdown that ruins my mindset. In simple terms, the macro transmission to the chain is that the "you can earn even if you hold steady" advantage becomes stronger, and those pools driven by emotion can come in and go out quickly... What I care more about now is: where exactly does this yield come from, and whether it will instantly shrink after interest rate changes; I only gradually add positions I understand.