Recently, watching the wave of RWA going on-chain, the more I look at it, the more it seems like drawing a "boundary" chart: on the chain, liquidity looks quite smooth, a few clicks can swap back and forth, but when it comes to redemption, the terms pop up like a hidden layer—T+ several days, limits, whitelist, or even "delays in special cases." Honestly, sometimes liquidity is just an illusion the interface gives you.

Some people also compare social mining and fan tokens, saying that attention is the fuel for mining. I don’t know if that’s a false proposition, but at least attention can come and go instantly, while redemption terms won’t. Anyway, when I look at RWA now, I’m not focusing on returns; I want to understand that "boundary" first, or else no matter how symmetrical the chart looks, it’s useless.