Recently, watching RWA on the chain feels a bit like watching "liquidity magic"... The on-chain transaction layer looks quite lively, but honestly, what really matters is what the redemption terms say, who has the authority to kick you out at what price. Many times, what you're buying isn't asset liquidity, but a false illusion of liquidity in the secondary market.

The "signal" I pay attention to is actually quite simple: Are the large players' entry and exit paths starting to circle, or are they more like looking for an escape route rather than adding positions? When chain games experience inflation + studio + coin price spiral crashes, it's not really "a lack of narrative," but everyone suddenly realizes they can't cash out... If RWA makes redemption an "optional" feature, it starts to feel a bit familiar. That's all for now, watching slowly.