I'm not very good at researching those high-end narratives, but when it comes to RWA on the chain, the biggest fear is the "illusion of liquidity that looks very sellable." Putting a token on the chain, having some transactions in the pool, doesn't mean you can always redeem it for cash/assets at any time. The key is what the redemption terms say: who can redeem, how long it takes to settle, whether there are pauses, what happens in extreme cases—if you don't understand these, the more lively it looks, the easier you are to get caught up in the hype.

Recently, before and after the upgrade of that mainstream public chain, people in the group have been guessing whether ecosystem projects will migrate. I'm actually more concerned about: once migrated, will the bridge, custody, compliance, and other processes conveniently make redemption more "rationalized" into being slower and more difficult? Anyway, my own approach is very simple: first look at the terms, then decide on the position, don't trade based on imagination.