I'm not very good at telling grand narratives, but recently, looking at RWA on the chain, the more I watch, the more I feel: that little "liquidity" on the chain sometimes looks like the reflection on the surface of the sea—bright and shiny, but you really have to dive in to gauge the depth. To put it simply, many assets you think can be sold at any time actually have very strict redemption clauses: windows, queues, limits, and even direct suspension in extreme cases... Only then do you realize you're buying a "tradeable certificate," not "cash that can be used anytime." The past few days, the testnet incentives and points system also seem quite similar; everyone is guessing whether the mainnet will issue tokens, and as soon as emotions run high, they forget the exit routes. Anyway, I prefer to watch slowly, first understand how the redemption process works, who can make the decisions, and how long it might take in the worst case, then decide whether to get closer.