A sticky note is stuck to the side of the monitor, reading “8% annual yield on RWA,” with the ink almost completely rubbed off. To be honest, every time I see a project like this, I think of the GameFi playbook—first they show you how beautifully the TVL is growing, but when you actually try to redeem, the lock-up period hidden in the terms, suddenly upgraded KYC, and discounts on the underlying assets will all be there. Liquidity? That’s someone else’s liquidity; your principal is sleeping in another time zone. If I leave Bitcoin untouched, at least I know where the private key is. The words “real” in RWA, translated, often mean “real trouble.”