Recently looking at RWA on-chain, the biggest fear isn’t that the “assets aren’t real,” but that the liquidity looks very attractive: there are lots of shares sitting on-chain, and you can even swap, but when you really want to redeem, you find all kinds of conditions and hurdles—redemption windows, queues, and even manual pauses… In other words, that liquidity on-chain is often just psychological comfort.

I’ve learned to be smarter about it now and lowered my goals: I’m no longer thinking about moving the whole position into a “new narrative” all at once. I’ll try small amounts first, focusing on whether the redemption rules are written clearly, who has the power to change them, and whether they can close the door if something goes wrong. The old inflation + studio + coin-price spiral from blockchain games really messed with me— the busier and more lively it gets, the easier it is to step into a trap… Anyway, moving slowly means I can at least last a bit longer.