Today it’s raining and traffic is heavy, the coffee on the table has gone cold... I casually checked the recent pages of RWA on the chain, honestly many “liquidity” look quite full, but it’s more like UI giving you a sense of security: being able to buy on-chain doesn’t mean you can redeem anytime. Redemption windows, queues, minimum amounts, who has the authority to pause, the deeper the terms are hidden, the more I get suspicious, especially those one-click buy-ins that require flipping through several layers to see “possible delays / possible rejections.”

Recently, social mining and fan tokens have also been quite popular, constantly talking about attention as mining, but I always feel like attention is more like being used as liquidity: when it’s lively, you think there’s depth, but when it cools down, you realize the exit is narrow. Anyway, I’m currently not focusing on the narrative of RWA, first I look for where the “worst-case scenario” for redemptions is written, if it’s not clear, I just pretend it’s not there. That’s it for now.