Recently, with the surge of RWA on the chain, the TVL shot up and looked very much like "deep liquidity," but I will first review the redemption terms: T+ days, whether there is a window period, if it can be paused, who sets the price... In plain terms, what you buy might be a "queue for withdrawal" right, not cash that can be withdrawn at any time. The group has been discussing stablecoin regulation, reserve audits, and various de-pegging rumors these days. I actually don't have much emotion about it because I've experienced too many moments that "look very stable." My habit is: I don't look at the candlestick charts first, but check the actual on-chain income and redemption pathways. If they can be implemented, then so be it; if not, even a large TVL is just that. That's all for now.