Lately, looking at projects on RWA on-chain has been a bit exhausting, but I’m still here... To be honest, the easiest trap isn’t the attractive returns written so nicely, but the fact that “the liquidity looks very deep.” All those LPs and DeFi tokens on the chain—when it comes to redeeming, you might get stuck in a window period, queue, threshold, or even have your assets swapped for another type of note to keep rolling... A small line of fine print in the terms can turn “withdraw at any time” into “subject to arrangements depending on the situation.”

Now I’m more focused on the redemption details: T+ days, whether there’s a suspension right, asset disposal order, who bears the risk, and only then look at the source of the interest rate. Recently, the modular/DA narrative has been hot again, developers are excited, users are confused. Actually, RWA is pretty much the same: packaged on-chain, but the core is still offline contracts. Don’t be fooled by the word “composable.” That’s all for now, slowly filtering through.