Just when the phone popup jumps again with "某某RWA on-chain progress +1", the more red dots there are, the more it feels like the market is about to take off... But honestly, the easiest thing to do with RWA is to make it look like "liquidity seems very sufficient". Being able to place orders on-chain, to transfer hands, doesn't mean you'll actually get your money when you want to redeem. Those redemption clauses like T+X days, quota limits, pause windows, delays for due diligence failure, no one pays attention to them normally, but when something goes wrong, they all become "reasonable". Recently, the fee rates are extreme again, and in the group, people are arguing whether to reverse or continue squeezing the bubble. I actually want to focus more on the terms: who is promising to pay, when to pay, and whether they can refuse to pay. The excitement is all underwater; don't step too hard on the ice surface.