Recently looking at a bunch of RWA projects on the chain, the on-chain liquidity looks quite lively, but I always feel there's a bit of a "liquidity illusion": being able to sell doesn't mean you can redeem in the way you think. Redemption terms, lock-up periods, T+ days, queuing under pressure... these are the key points, no one checks them regularly, and when something really happens, it's all in those few lines of small print.

The attention shifts in memes are even more exaggerated; when a celebrity calls out, everyone rushes in, basically a game of musical chairs. Veteran players advise newcomers not to take the last step—that's not just for show. RWA, on the other hand, looks "stable," but whether it's truly stable depends on the redemption path.

My definition of "long-term" isn't that grand either, usually about a quarter or so: being able to withstand two or three emotional swings without recklessly adding leverage—that's what I consider long-term. Anyway, I now prefer to earn a little less than to be queuing at the redemption gate.