Recently, I’ve seen a bunch of projects on RWA (Real-World Asset) on the chain talking about "liquidity," and I actually can't calm down... To put it plainly, the tradable shares on the chain don’t mean the underlying assets can be exchanged for cash at any time; redemption terms are the key: T+X days, limit caps, suspension of redemptions—these small words are like mosquito legs, but when something really happens, they can trap you. Last week, I read my third white paper, and the more I read, the more it looks like "seems sellable," but in reality, it’s a liquidity illusion where you have to wait for someone else to take over. And now AI Agents/auto-trading are also getting involved, with narratives flying high, but safety always relies on "trust me." Anyway, I’d rather take it slow, clearly write out the redemption paths and risk controls before jumping in. That’s all for now.