In the evening review, I saw a bunch of projects with RWA on the chain again, and the language is quite appealing: things like "redeemable on-chain" and "backed by real assets." But what I’m increasingly afraid of is the illusion of liquidity—seeing volume on the order book, but when you actually want to exit, there are a bunch of fine print in the redemption clauses: window periods, limits, queuing, or even pauses in certain situations... To put it simply, on-chain just moves the promissory note onto the chain, which doesn’t mean you can always cash out at any time.

Recently, during the extreme funding rate period, the group was arguing again about whether the market is about to reverse or if we should keep squeezing the bubble. I find myself thinking of one thing: when everyone is focused on the price, the easiest thing to overlook is the exit mechanism. RWA is the same—it's easy to talk about when prices are rising, but when they fall, you see who’s really supporting whom.

My mom also asked me, “Since it’s real assets, can’t you just click a button and withdraw?” I could only reply half-heartedly: you can withdraw, but it depends on whether they let you now... Anyway, I’ll stick to the old rules: keep a smaller position, and if I don’t understand the terms, I’ll just assume I can’t sell. That’s how I’ll do it for now.