Recently, I’ve seen a bunch of projects on RWA (Real-World Assets) on the blockchain again, and the liquidity on the page looks quite lively, but I always feel a bit of a “illusion”: just because you can click around on-chain doesn’t mean you can really cash out anytime. To put it simply, redemption clauses are the foundation—window periods, limits, who makes the final decision… if these aren’t clearly written, once the hype dies down, all that’s left are a string of pretty numbers. (Am I rambling again?)

And then there’s the modularization and DA (Decentralized Autonomous) layer this wave—developers are talking with shining eyes, while ordinary users are confused, which is normal. After all, everyone ultimately cares about “Can I withdraw smoothly?” Now, when I look at RWA, I prefer to read the fine print and risk control explanations first, even if it’s slower, at least I have a clear idea. Let’s leave it at that for now.