These days, the group is talking about RWA on the blockchain again.

Honestly, what I fear most is "liquidity looks very good."
Being able to sell on-chain at any time ≠ underlying assets being redeemable at any time, with redemption terms having many thresholds: window periods, limits, manager discretion, or even suspension of redemptions...
When a run on the bank actually happens, even a deep order book can be paper-thin.
Recently, someone also linked ETF capital flows, U.S. stock market risk appetite, and crypto market rises and falls together, interpreting them as one.
When emotions run high, it's easier to overlook these details.
Anyway, when I look at RWA now, I first check how the redemption is written, then see who guarantees it, and only then look at how "lively the trading is."
A steady position curve is better than anything else.