Recently, I keep seeing a bunch of projects that put RWA (real-world assets) on-chain. The liquidity shown on their pages looks pretty lively, but everyone understands the real deal: when it’s time for “I want to redeem,” the terms and conditions are what really matter. To put it simply, many of them are just swapping out traditional queues, lock-up periods, and counterparty approvals for a nicer-looking UI. The fact that something can be transferred on-chain doesn’t mean you can get your fiat back—especially those fine-print clauses like “redeemable, but subject to certain conditions.” When I see that, I instinctively want to screenshot it and save it as an archive.

I’m a bit compulsive: I don’t look at returns first. I pull up the redemption window, the trigger conditions for pausing redemptions, and who has the authority to modify parameters, and only then do I decide whether to get involved. And as for those people who keep talking about “modularization” and the “DA layer”—developers chat like it’s going out of style, while users are totally lost… Anyway, I only care about one thing: as long as the data is stored somewhere, don’t claim the chain is transparent, but then do Tai Chi off-chain when it comes to redemptions. That’s it for now.