Recently, I’ve seen a bunch of projects on RWA (Real-World Asset) tokenization touting "on-chain liquidity," and I can't help but laugh... Honestly, many of them are just turning a bill or share into a tradable shell. The market looks lively, but when it comes to redemption, the terms include all kinds of T+N, lock-up periods, prior notice, and even "suspension in special circumstances," and suddenly the liquidity is exposed. Just because assets can be transferred instantly on the chain doesn’t mean the underlying assets can be cashed out instantly. Don’t mistake secondary trading for immediate redemption.

Recently, some regions have been tightening and loosening taxes and compliance regulations, causing fluctuations in deposit and withdrawal expectations. When emotions run high, it’s easier to mistake "tradeable" for "redeemable." Now, when I look at RWA, I don’t ask about interest rates first; I check the redemption clauses and who guarantees the buyback. I’d rather earn less and stay alive... It’s a bit naive, but that’s how it is.