These past few days, I've been looking at projects on RWA (Real World Asset) on-chain, and the easiest way to get fooled is by the words "liquidity": the on-chain order book looks quite full, there are transactions, but when it comes to redemption, you realize there are a bunch of clauses—lock-up periods, limits, and even offline settlement… Basically, that on-chain layer is more like turning the notes into transferable skins; the underlying cash flow is still slow.

Right now, I’m using the simplest method: not looking at APY, not paying attention to hype, just reading the redemption process from the beginning, assuming I am the unluckiest person wanting to exit that day, and whether I can get the money within the expected time. If you have no talent for market making, at least don’t be fooled by the illusion of "seeming always sellable."

By the way, I want to complain about social mining and fan tokens: "attention is mining" sounds cool, but attention can't be cashed out, and it can even backfire emotionally… It’s lively, but when it comes to actually taking over the redemption clauses, it’s still you and me. Anyway, I’ll take it slow first; better to miss out than to be confused and treat liquidity lightly.