Recently came across a bunch of “RWA on the chain,” basically moving real-world assets onto the blockchain to issue a certificate. Watching the candlestick charts and pool depths, it looks lively, but I always feel a bit of “liquidity illusion”: you think you can sell at any time, but the key is the redemption terms—when can you redeem, who will redeem, and if it gets stuck, it’s whoever’s fault… If these aren’t clearly stated, no matter how many transactions happen, it’s like trading among the same group of people back and forth.

Reminds me of the recent economic collapse points in blockchain games—inflation spikes, studios jump in, coin prices spiral—it's lively, but in the end, all that’s left are meme emojis. I’m now more laid-back; if I really want to engage, I first check if I can truly redeem. If not, I’d rather keep using the least amount of money to buy the most outrageous avatars—at least I can still smile even if I lose.