Recently, looking at projects on RWA (Real-World Asset) on the blockchain has been a bit overwhelming and tiring... They say they are bringing real assets into the system, which sounds very "stable," but when it comes to liquidity, it often feels like an illusion: being able to buy and sell on the chain doesn't mean you can redeem at any time. Redemption clauses, cooling-off periods, limits, counterparty confirmation—these small print are the core, and if you don't see through them clearly, it's easy to mistake "tradeability" for "liquidity." When macro interest rates move, risk appetite shrinks, and that little depth on the chain instantly reveals itself.

By the way, I thought of the NFT royalty war, which is actually quite similar: everyone wants liquidity, but liquidity is never free—either creators earn less, liquidity worsens, or platforms subsidize. In the end, someone always foots the bill.

I'm now trying to lower my expectations: making money is luck, being able to exit is real skill... but I’m not overly pessimistic; projects with transparent terms and solid structures will still stay, just maybe not so quickly. That’s all for now.