Recently looking at projects on RWA (Real World Asset) on the blockchain, the more I look, the more I feel that the word “liquidity” can easily make people get carried away: being able to buy and sell on the chain doesn’t mean the underlying assets can be converted to cash at any time. Honestly, many times it’s just that the trading interface is very smooth. The key still lies in the redemption terms, such as T+ days, quota limits, trigger conditions for suspension of redemptions… If you don’t understand these clearly, it’s very easy to mistake “being able to transfer” for “being able to exit.”

The macro side is also quite tangled, with expectations of rate cuts sometimes pushing risk assets higher, and other times moving in tandem with the dollar index, up and down together. It feels like everyone is looking for a reason that can explain everything. Anyway, I now see it more as practice: practice not rushing to invent stories for myself during pullbacks, first write down the rules (especially redemption) on paper, accept them before taking action, and if not, just pretend I didn’t see it.