I just turned off the microphone at the governance meeting… listening to everyone talk about RWA on-chain as if “it can be on-chain government bonds tomorrow.” Honestly, a lot of liquidity is just that line on the interface that can be sold; it looks smooth, but when it comes to redemption, there are a bunch of clauses like “window periods / pauses / discounts,” and suddenly it’s no longer DeFi but over-the-counter queuing. The biggest fear is that everyone only focuses on the few digits of APY, and no one is willing to price the redemption terms as a risk itself.

Recently, the debate over privacy coins, mixing, and compliance boundaries has been quite heated: on one side, saying they want freedom; on the other, saying they need licenses. In the end, it’s still the ordinary people caught in the middle—wanting to enter and exit freely, only to find that “freely” has conditions. Anyway, when I see promotions about “composable and liquid,” my first reaction isn’t to click and buy, but to check the small print on the redemption section first—pretty disappointing but reassuring.