Lately, after reading discussions about RWA on the blockchain, I feel like we need to slow down. The so-called "liquidity" on the chain is often an illusion: it looks like you can buy and sell on the trading page, but when it comes to redemption windows, limits, T+N, or even clauses like "the right to suspend redemptions," it immediately turns from a coin into a contract. The chain is just a ledger, not an ATM.

Especially on the macro side, there's ongoing debate about interest rate cut expectations, the US dollar index, and risk assets rising and falling together. When sentiment heats up, people are more likely to mistake "being able to trade" for "being able to exit." For now, I’ll focus on studying redemption clauses as the core asset... Even if I fall behind a bit, at least I won’t find out the door is one-way when I most want to run.