Recently, everyone has been talking about large transfers on the chain and unusual movements in exchange hot and cold wallets, saying things like "smart money is entering the market"… I want to pour a little cold water: When it comes to bringing RWA onto the chain, the easiest thing to be fooled by is the word "liquidity." Being able to place orders on the chain does not mean you can redeem at any time; many underlying assets are actually non-standard assets, and the redemption terms—such as T+N, window periods, quota limits, or even suspension of redemptions—are the key points. To put it simply, the on-chain layer is more like the circulation of promissory notes; whether cash can actually come out depends on whether the door behind the gate opens. (I know, it sounds pretty discouraging.) When I evaluate projects now, I don’t focus so much on "trading volume," but rather on the redemption conditions and who is backing the guarantee—don’t mistake "transferable" for "redeemable."