I was half-asleep scrolling and caught sight of a bunch of lively RWA getting put on-chain, and the comment section was all saying, “On-chain liquidity is coming alive.” I almost wanted to hit like too… Later I looked into the redemption terms and found that many “redeemable at any time” are followed by a whole string of fine print: a window period, limits, a queue, and even a direct suspension. In plain terms, those on-chain transactions are more like ambient lighting—if you really want to redeem, you end up back in the old, slow routine.

The recent fuss about NFT royalties is also pretty similar: everyone wants secondary-market liquidity, but the moment you talk about how creators eat, everyone starts taking sides. Anyway, I won’t share my counter-indicator’s opinion… I just know that whenever I get excited and want to add to my position, the market gives me a lesson. So I’ll stay with a small allocation and read the terms more carefully than the K-line to keep myself safe.