I've been lurking in the group for a long time, but I can't help but speak up: recently, everyone has been talking about RWA on the chain. To be honest, what I care about most isn't "whether there are assets," but whether that liquidity is truly genuine. Seeing a bunch of tokens dancing on the chain, the order book also looks lively, but when you flip over the redemption terms—window period, limits, who does KYC, whether it can be paused in extreme cases... these are like tidal sluice gates; once closed, you realize the water isn't really yours.

Then, with the recent upgrades/maintenance of the mainstream public chains, everyone is guessing whether projects will migrate. I actually feel more nervous: if the underlying layer moves, will the redemption paths, custody, and liquidation "promises" also deform? Anyway, I now prefer to treat it as a locked ticket—first ask who owns the lock before deciding whether I can get off the boat.