Last night I stumbled on an obscure pool on an RWA on-chain protocol. The on-chain trades looked pretty lively, and I was almost tempted to add more. But when I clicked to check the redemption terms, I saw this: you can’t redeem just because you want to—there’s a redemption window, limits, and you still have to go through a whole set of approvals. Basically, the liquidity is more “for display”… In that moment, I got scared and immediately closed the page. I’ve been burned before: I bought something like an “on-chain bill.” It could be listed to place orders in the secondary market, but I couldn’t actually get out at all, so in the end I just had to wait for the other party to settle it slowly, and my mindset got worn down. Lately, the community has still been arguing about whether privacy coins/mixing coins count as an original sin. As for me, I only have one principle: if I don’t understand it, I won’t move. Don’t turn redemption into some kind of mysticism and then blame the market for not being deep enough. That’s it for now.