Recently, someone compared RWA with U.S. Treasury yields and a bunch of on-chain "yield products." Just hearing that makes me want to laugh... Frankly, most RWA on-chain is just like writing "redeemable" very nicely, but the redemption clauses are hidden in the corner: window periods, limits, manual reviews, compliance checkpoints. When a run happens, no matter how smooth the on-chain process is, it’s useless.

Liquidity is also quite easy to create illusions about: you see a pool, see trading pairs, and think you can exit anytime. But in reality, the depth is so thin it’s like paper—one big trade can make you question your life. Anyway, when I look at these projects now, I don’t focus on how lively the announcements are, but rather on "when, under what conditions, and with whom I can get my money back." I’m just someone who likes to watch the excitement fade away—so be it.