Recently, I've been looking at projects on RWA (Real-World Asset) on the blockchain, and the more I look, the more I feel that the words "liquidity" are quite good at acting. Being able to buy and sell on the chain at any time doesn't mean you can redeem at any time. Others think they've bought a "real asset that can be exited at any time," but in reality, many clauses are written very carefully: window periods, quota limits, first-come, first-served, and even pauses during volatility... In short, the redemption risk is hidden in the fine print.

These days, the funding rates are extremely volatile again, and there's a debate in the group about whether it's a reversal or just more bubble squeezing. I'm actually more concerned about whether this sentiment will spread to RWA: everyone pursues "stability," but when they all rush in, they realize the door isn't that big. Anyway, when I look at projects now, I first check the redemption clauses and liquidation boundaries. The charts look good, but when it comes to money, you still have to stay cool.