Recently, I've seen a bunch of projects on RWA (Real-World Asset) blockchains promoting "on-chain liquidity," and honestly, I'm a bit overwhelmed. To put it simply, much of the liquidity looks lively: order books are full, but when you want to exit large positions, you realize the redemption windows, queue times, advance notices, and even the counterparty’s "reject clauses" are all written very carefully... The on-chain part is fast, the off-chain part is slow, and in the end, it feels like liquidity has been made into an illusion.

These days, the group is also discussing stablecoin regulation, reserve audits, and various rumors about "de-pegging," which immediately stirs up emotions. The more these situations occur, the more it shows that redemption clauses are more important than APY: who promises to pay, how to verify, who has the final say, and whether it can be delayed in the worst case. Anyway, I now focus on checking the pages about redemption/liquidation first; other excitement can be left to chance.

I no longer bother explaining; some things are just random, and all I can do is check off the checklist and leave the rest to time. That’s all for now.