On the subway, I saw a bunch of promotions for RWA on the chain, talking about liquidity and "exit anytime," which made me a bit cautious... To be honest, a lot of the on-chain transactions are just superficial excitement; when it comes to redemption, you still have to look at the terms: T+ how many days, whether there's a withdrawal window, who has the authority to pause, and whether the redeemed assets are cash or "equivalents." If the redemption path isn't clearly mapped out, liquidity can easily become an illusion.

It reminded me of the recent collapse logic in chain games: inflation pulls the studio to run, the token price drops, and everyone starts to panic, causing liquidity to evaporate instantly. RWA is of course different, but human nature is the same: when everyone wants to exit, the terms are the only real floor. Anyway, when I look at projects now, I first consider "how to exit in the worst-case scenario," then look at the narrative—it's okay to take it slow.