Lately, watching RWA go on-chain has been quite popular, but I keep thinking: don’t be fooled by the “seemingly deep liquidity.” Many times, being able to trade on the secondary market doesn’t mean you can actually redeem at that price; the key is still the redemption terms: how long the window is, who sets the price, whether there’s a queue or discounts during a run, or even outright shutting down… Frankly, that on-chain part might just be a shell; the real door is off-chain.

And these days, isn’t everyone complaining about the lag in on-chain data tools and tagging systems? I feel the same: looking at dashboards is satisfying, but if the tags are wrong, liquidity looks like it’s been beautified with filters; when it’s time to exit, you realize, “Oh, it’s really just this much.” I don’t hold a strict view on “long-term” either; it’s probably about being able to withstand a market sentiment crash plus a redemption period once or twice, roughly looking at it monthly to quarterly—survive first, then talk about the story.