These days, I've come across a bunch of RWA projects on the blockchain again, the liquidity on the page looks pretty good, with depth and active trading, but I now have a bit of a reflex: I first check the redemption terms. Honestly, whether you can redeem at your desired pace is much more important than "being tradable on-chain"… Some specify T+N, credit limits, or trigger conditions for suspension of redemptions. Usually, I don’t notice it, but when a run happens, you realize what liquidity illusion really is.

By the way, recently the testnet incentives and points system are heating up again, and there's also chatter in the group about whether the mainnet will issue tokens. I’ve also FOMO’d about it, but now I prefer to treat it as a habit: before each rush, ask yourself—where’s the exit channel? What’s the exit cost? Anyway, I tend to make mistakes quickly, so I can only develop the habit through review and reflection, rather than relying on luck.