Today’s terrible weather is suffocating, the coffee cools down after a while… I casually browsed those RWA on-chain projects, and the more I look at it, the more I think the word “liquidity” is a bit like iced American coffee: looking full, but often it’s just the redemption clauses controlling the water level. To put it simply, whether secondary market sales can happen is one thing, but when you want to redeem, when you want to exchange on-chain notes for off-chain cash, once the window period, limits, KYC, or even suspension clauses kick in, liquidity suddenly becomes “patience required.” Recently, the funding rates are extreme, and in the group, people are arguing whether to reverse or continue squeezing the bubble. I actually want to understand these redemption rules first… don’t think you’re holding cash equivalents when in fact you’re holding a “queue number.” I’ll just stay Zen and observe, waiting for a more comfortable entry point.