Started mining in 2014, moved to ETH when it launched in 2015. Held through everything since. DAO hack, ICO mania, DeFi summer, Terra, Celsius, FTX. After enough cycles you stop getting excited about "new" narratives. They mostly come back with new names. Yield farming came back as points farming, ICOs as IDOs. RWA feels different and I don't say that easily. It's not another way to shuffle existing on-chain capital. It's pulling yield from assets that were never on-chain before. Doesn't mean it solves anything, plenty of it is vapor, but the category has more behind it than most pitches. What I check before touching any of it. Did the lending operation exist before the token did. Maple's founders came out of traditional credit. 8lends launched on the back of a P2P operation that had been lending offchain for a few years. I weight that more than tokenomics or headline APR. And whether defaults are explained or buried. Goldfinch in 2023 was the lesson for the whole category.…