I only take one note: when it comes to RWA on the blockchain, don’t just look at “on-chain liquidity”—what’s really deadly is that the redemption clauses are written more rigidly than the code. The thresholds, the queueing, the T+N, and the suspension of redemptions—once any of them kick in, you think you can leave anytime, but it’s actually an illusion of liquidity. Recently, everyone has been using ETF fund flows and US stock market risk appetite to explain crypto price ups and downs, and I’m honestly sick of that too. In any case, on my side I’ll set exit conditions according to the terms; sure, I’m tempted, but first I need to figure out clearly whether I can get my principal back.