Lately I’ve been looking at projects on-chain in RWA, and the more I look, the more I feel that the two words “liquidity” carry a bit of an illusion: just because on-chain tokens can be sold at any time doesn’t mean the underlying assets can be redeemed at any time. Redemption windows, queues, minimum amounts, and even suspension clauses are all spelled out clearly—it's just that when everyone scrolls through the K-line chart, they don’t really like to click in and read… For now, I basically treat it as a “packaged fixed-term,” and my position is only a token of it—I come in in batches, and if possible I don’t use leverage.

These days, the group has been circulating posts again about stablecoin regulation, reserve audits, and all kinds of screenshots saying “de-pegging is about to happen.” Honestly, after seeing too much of it, my stomach still tightens a bit. Anyway, what I’m more afraid of now isn’t the rise or fall of prices—it’s that moment when I want to withdraw but can’t get out. That’s really uncomfortable. For now, I’ll just leave it at that: I’d rather make a little less than be hypnotized by the liquidity I imagine.