Recently, watching RWA go on-chain has been quite exciting, but my mindset feels like a "version update": in the past, seeing deep liquidity on the chain made me feel stable, now I pause first and ask whether this is real liquidity or an illusion. Frankly, that cluster of pools on the chain looks lively, but it doesn't mean someone will buy back when you want to redeem; the small print in the redemption terms—T+ days, window period, suspension of redemptions, who will make the final payout—is the real switch: if you don't see it clearly, I really can't sleep.

Then the new L1/L2 projects start issuing incentives to attract TVL, and I understand the old users' complaints of "mining, selling," because the most apparent prosperity is when risks are easiest to ignore. Anyway, I now prefer to organize my keychain: avoid authorizations I don't need to touch, and if I do try, only use small amounts, go through the redemption process first, so I don't find out the lock has changed when I need to exit.