Recently, everyone has been talking about RWA on the blockchain. To be honest, what I fear most is still "liquidity looks very beautiful." Being able to buy and sell on the chain does not mean you can redeem at any time. Many terms specify T+N, queuing, or only trigger conditions for redemption. The chart usually looks smooth, but when you really want to run, you find the door is only half open... As someone who does small arbitrage, I hate it when it suddenly turns into "psychological arbitrage."

And these days, someone is again watching large on-chain transfers and abnormal movements in exchange hot and cold wallets, trying to be clever. Honestly, I often react a bit late, and by the time I see it, it’s already been interpreted three times. Anyway, when I look at RWA projects now, I first check the redemption rules and how the underlying assets are handled. Otherwise, that little "depth" on the chain might just be an illusion, and when emotions run high, it’s easy to make mistakes.