Recently, I've come across a bunch of promotions for RWA on the blockchain again. As TVL rises, they start talking about "real yields" and "institutional backing"... I claim to be skeptical, but I still click in to check the redemption terms. Honestly, liquidity often looks like "can exit at any time," but when it comes to redemption, it turns into T+N, queues, or even triggers some gates. The on-chain depth simply can't support everyone trying to run at the same time.

These days, funding rates are also extremely volatile, and the group is arguing over whether to reverse or continue to squeeze the bubble. I see it more as the same emotion—everyone's betting on "being able to get out before others." So I simply set alerts/limits on a few RWA pools: at first, I was pretty annoyed, feeling cowardly; but after a couple of days, I found my mindset stabilized, and I lost that illusion of "can withdraw anytime, so I dare to rush." It's quite ironic. For now, I still want to try the genuine protocol, but just don't let me be the last one to redeem.