That old alarm clock on the table is two minutes fast again, reminding me not to be fooled by the liquidity that looks “seems lively.” Recently, I’ve been looking at on-chain RWA projects: the on-chain trading, the market-making depth—everything looks quite impressive. But putting it bluntly, many of them are “tokens that you can buy and sell,” which doesn’t mean the underlying assets can be redeemed back to you at any time. Once the redemption terms are written as T+N, come with a cap on the amount, or specify that trading is paused immediately upon certain events, the liquidity becomes like a fluorescent sticker on the alarm clock: you can see it, but it may not actually be usable. And on top of that, with everyone lately staring at the unlock calendar day after day and worry about selling pressure flying everywhere, I actually want to see things clearly: when real pressure hits, who redeems it back to you under what conditions? For now, I basically read the terms first; if I don’t understand them, I touch them less. That’s it for now.