Recently, I've been seeing everyone talk about RWA on the chain. To be honest, what I care about most is whether the "liquidity" is really genuine or not. Being able to buy and sell on the chain at any time doesn't mean the underlying assets can be redeemed at any time. Often, it's just lively on the trading layer; the redemption terms specify: T+N, limits, queuing, or even pauses during volatility... At that moment, liquidity is like a balloon that has been punctured. I’ve also become numb to the interpretation of ETF capital flows and U.S. stock risk appetite; emotions shift, and suddenly crypto gets blamed together. But RWA stuff is more realistic: whatever the terms say, just follow them. Don’t treat "on-chain" as automatic cash-out. Anyway, when I look at projects now, I first check the redemption rules and liquidation paths—just a quick glance before bed is enough. I don’t chase those smooth-looking curves.