Over the past couple of days, I’ve seen a bunch of RWA on-chain projects reposting “new TVL highs” again. Honestly, I’m a little puzzled: the liquidity on-chain often feels like staged marketing. When you truly try to redeem, the terms are written in a maze—redemption windows, caps, priority rules, and so on. In plain terms, what you may end up buying is the illusion that you can “walk away anytime.”

Instead, I’d rather spend the time figuring things out clearly: who will actually make the buyback, how long the process takes, and how the queue is handled if there’s a run. Attention cycles like Meme hype work the same way, too—old players telling newcomers not to take the last step isn’t them pretending to be clear-eyed; it’s because too many people have already been fooled by the commotion.

Anyway, I’m still putting my faith in the slow, “dumb but steady” approach of accumulating gradually and watching retention—so for now, that’s how I’ll do it.