Lately, I've been seeing everyone interpret ETF capital flows, US stock risk appetite, and crypto price movements as if they are all tightly linked, and it's making me even more anxious... When emotions take over, it's easy to believe that "RWA on the chain = more stable and more liquid." Frankly, the trading volume on the chain is sometimes just an illusion: the pool looks deep, but when it comes to redemption, a clause like "window period/queue/minimum redemption amount/pausing" in the terms means you're just left waiting.

Now, when I look at RWA projects, I focus more on the redemption clauses and who is backing them. Whether T+0 is possible isn't as important; what's crucial is whether "you can leave when you want to." Interaction can be designed, but the cost calculations need to be more precise—don't lock your liquidity just for a narrative... We'll talk about this again next time.