Just checked the blockchain after a night run. Recently, RWA has become hot again. Many people are excitedly watching "on-chain liquidity," but honestly, it's a bit like an illusion: being able to buy and sell in a trading pair doesn't mean you can actually redeem the underlying assets at that price. The key points are the lock-up periods, window periods, who does the KYC, and how to queue during a redemption rush... these are the real issues. Otherwise, it looks smooth on-chain, but off-chain you might be stuck for two weeks.

By the way, the recent testnet incentives and point expectations have also boosted everyone's mood. The group is speculating whether the mainnet will issue tokens. I understand—everyone wants to "get a head start and pick up some gains." But when it comes to RWA, don’t just focus on the points dashboard. First, think through the redemption conditions and worst-case scenarios; it will keep your mindset much steadier. Anyway, I see it as observing capital migration. If I really want to get involved, I’ll take it slow.