Over the past two days, I’ve been seeing a bunch of RWA on-chain narratives again, and they sound pretty enticing: real-world assets moving onto the chain, steadier returns, and so on. But what I care about more right now is whether the idea that “liquidity looks really abundant” is just an illusion—having assets sitting on-chain that you can buy and sell doesn’t mean you’ll actually be able to redeem them at the speed and price you understand when you want to get out. Redemption terms, lock-up periods, suspending redemptions—those small-print details are the core of it. If you don’t read them clearly, it’s easy to end up mistaking yourself for a liquidity provider.

The same applies to those waves of attention rotation driven by memes and celebrity call-outs. When things are hot, everyone thinks they can make it out. But when you truly want to get off, you find that people are already lined up at the door. Anyway, I’m still the same as always: if something’s overheated, I step back one pace. I’d rather slow down and sip my tea than take the final handoff.