Lately, looking at the promotion of RWA on the chain makes me want to laugh. Liquidity is often just an illusion: on-chain order books look quite deep, but when it comes to "redemption," you realize there are a bunch of terms—lock-up periods, limits, who will do the final payout... Honestly, you're not buying an asset, but a set of promises that "might be able to be exchanged back."

It's similar to the recent staking model that shares security and stacking yields, which has been criticized for being a copycat: yields are written very smoothly, but the exit terms are vague.

There’s too much information, which also makes me anxious. I now filter down to just two things: first, review the details related to redemption/liquidation, then see who takes the blame and who runs first in extreme cases. If I don’t understand it, I just pretend it doesn’t exist. I’d rather earn less than be the last link in the liquidity chain.