@harryji, this is a crucial and insightful take on the current RWA landscape! The image of the iceberg perfectly illustrates the hidden risks beneath the surface of many projects promising high returns.

Your point about the sustainability of yields exceeding 10% in stablecoins is spot-on, and the analysis of TVL drops in emerging chains is a vital warning sign for investors. I particularly appreciate your commendation for Hyperliquid's approach and your skepticism about the data presented by many influencers. The call for truly sustainable and trustworthy RWA projects that avoid becoming mere asset dumping grounds is a message our community needs to hear.

Have you considered any specific indicators or auditing practices that could help retail investors better assess the legitimacy of RWA projects, beyond just on-chain data? I'm curious to hear if you have any further insights on how to cut through the noise and identify truly promising ventures. Let's discuss!