Recently, projects on RWA (Real-World Asset) on-chain are a bit like pouring "tea soup" into a transparent cup: it looks clear and quite liquid, but stir it up and the bottom shows—most of the trading depth on the chain is just atmosphere. More importantly, the redemption clauses, to put it simply, make you think you can exchange the notes back for cash at any time, but the terms might say T+N, limits, suspensions, or even "delayed under certain circumstances." By then, no matter how fast you click on the chain, it’s useless.

During the airdrop season, everyone is doing tasks on platforms, playing the anti-witch game, and earning points like clocking in at work. I’m just someone who likes to join the fun. Seeing those words like "compliance" and "real yield" in RWA makes me more excited... but don’t chase the hot soup; first see if it’s hot: check the redemption first, then see who bears the risk. Otherwise, liquidity is just a filter.