These days, I've come across a bunch of RWA on-chain projects. The market looks deep with high trading density, like genuine liquidity, but it actually resembles "can sell but may not be able to cash out." To put it simply, the key isn't the ticket on the chain, but the redemption terms: who can initiate, how long it takes to receive, and how to handle risk control/pausing redemptions. No matter how densely the orders are placed, when the redemption window closes, everyone pushing at the door will realize what illusion really is.

And then there's the modular, DA layer set—developers are excited, but users look completely confused... I think it’s quite similar: the underlying changes names, but in the end, it all comes back to "how cash flow returns to your hands." Right now, I’m focusing on two things: the redemption pathway and the real buy orders in the secondary market, everything else is just noise for now.