These past two days, I’ve seen a whole bunch of claims that “RWA on-chain = stable,” and I’ve got a bit of PTSD… To put it plainly, the liquidity on-chain is often an illusion. Most of the time, the order book looks pretty thick when you check it, but once everyone really wants to redeem at the same time, all sorts of things from the terms start showing up—“T+N,” “window period,” “redeem suspension,” and so on. In the end, you find that what you’re holding is a certificate that settles with delay, not cash.

I used to chase hot trends too—memes, celebrities calling out, and the moment they shout, I get an itch to jump in. But most of the time, it turns out I’m just catching the last step. Now I trust it more that it’s about habit, not talent: first, treat redemption terms as a must-read—whether you can get out, how you can get out, and in the worst case how long it can drag on—figure all of that out before you act. Otherwise, once the market shakes, even if your execution is perfect, it’s still basically wasted. Anyway, I’ll go in a little more cautious first, and pay a bit less tuition.