Recently, everyone has been talking about bringing RWA on-chain, and honestly, it makes me a bit uncomfortable: that so-called "liquidity" on the chain often looks like lighting effects, with orders and pools seeming quite deep. But when it comes to redeeming, the terms flip open: lock-up periods, limits, queuing, and offline asset disposal... Frankly, what you're holding might be more like a "tradeable certificate," not an asset that can be exchanged for cash at any time.

My first look at these kinds of things isn't at the APY; I first check how redemption is written, who can pause it, and who gets paid first in case of default. The more vague it is, the less willing I am to touch it. Recently, social mining and fan tokens also seem to follow this pattern—"attention is mining" sounds new, but once attention disperses, liquidity also disperses, leaving a bunch of certificates trading back and forth on the chain. Anyway, I prefer to watch slowly; I’d rather miss the hype.