Lately, I've been looking at projects on RWA (Real-World Asset) on the blockchain, and everyone is comparing them to U.S. Treasury yields and various "yield products" on-chain. Honestly, what I care about more isn't the numbers, but how the money actually comes out. On-chain, liquidity looks pretty solid, and the market is lively, but often "being able to trade" doesn't mean "being able to redeem." The terms specify T+N, limits, suspension windows, or even delays due to risk control... These are the real factors that determine whether you get back coins or just an air voucher.

I usually keep an eye on large addresses too. I don't blindly trust whales entering and exiting; I look at the fund flow and turnover speed. Quick in and out might just be about creating a liquidity atmosphere. One thing that's been increasingly annoying lately is: promotional materials all claim "on-chain transparency," but nobody likes to mention the fine print about redemption. When it’s time to actually get the money back, you find a bunch of hurdles. Anyway, now whenever I see the term "like U.S. Treasuries," I pause for three seconds, check the terms first, to avoid being fooled again by false moves.