Today I saw another narrative about RWA being on the chain. On the surface, it looks like "liquidity has increased," but the more I look, the more it seems like an illusion: the on-chain trading activity is lively, but when faced with a concentrated redemption, as soon as various window periods / caps / pause buttons are pressed in the terms, it instantly changes from "can sell at any time" to "wait for notification"... Honestly, liquidity is actually written in the fine print.

I almost impulsively rushed in just now, but luckily I temporarily checked the redemption rules and saw the phrase "can be deferred," which gave me a chill: turns out I didn't buy an asset, but a timetable given by someone else. By the way, I thought about how recently everyone has been complaining about validator income, MEV, and unfair ordering—it's actually the same vibe—you think you're running on the same track, but in reality, they’re standing next to the starting gun changing the rules. For now, that's it. Tonight, I’ll keep digging through these fragments to see which one is shining.