Recently, watching RWA on-chain feels a bit like watching "liquidity magic"... The on-chain layer of transactions looks quite lively, but to be honest, what really matters is what the redemption clauses say, who has the authority to kick you out at what price. Many times, what you buy is not asset liquidity, but an illusion of liquidity in the secondary market.

The "signal" I pay attention to is actually very simple: whether the large players' entry and exit paths are starting to circle, or if they are more like looking for an exit door that can run away, rather than adding positions. When chain games experience inflation + studio + coin price spiral collapse, in the end, it's not "lack of narrative," but everyone suddenly finds they can't cash out... If RWA makes redemption an "optional" feature, that feeling will become a bit familiar. For now, let's keep observing slowly.