Today in Beijing, the heat was suffocating, and the traffic was so bad that even the coffee cooled down... I checked the blockchain for a while, and my biggest takeaway from this wave of RWA is two words: liquidity illusion. You see the trading volume and depth on the dashboard look pretty good, but when it comes to actual redemption, the terms include all kinds of T+N, limits, queues, and even "pause options." Basically, what you're buying is a "potentially redeemable certificate," not cash that can be exchanged back at any time. Even more outrageous is that some people use this setup for collateral and leverage, effectively packaging "uncertain redemption" as a "stable asset," and I don't need to say how they eat up slippage and time costs. During the airdrop season, everyone is still clocking tasks on platforms to fight off witches and earn points like going to work, but the real big winners might be quietly taken away by these redemption clauses plus the matching/building layer... Anyway, I think for now, RWA should focus on reviewing the redemption terms, or else it's just providing liquidity decoration for others.