In the past two days, the RWA-on-chain projects have been getting a lot of hype, but the more I look, the more it feels like a “liquidity mirage.” Trades in the secondary market seem to go smoothly—until you actually get to the redemption terms. Then it’s T+ days, limits, window periods… To put it plainly, you think it’s like a demand deposit, but in reality it’s more like a fixed-term deposit with a line. Recently, everyone’s been discussing the sell-off anxiety around staking unlocks and token unlock calendars, but I’m more focused on one thing on the RWA side: who will manage to get out first. My approach is pretty basic. Keep the position smaller; don’t treat it as a cash substitute. And when it’s time to rebalance, mechanically sell a bit—so you don’t let your head get dragged around by emotions. A coworker even said, “Isn’t this just on-chain wealth management?” I didn’t reply. Let’s leave it at that for now.