I just closed the market page, and on second thought I’d rather talk about something slower: when it comes to RWA going on-chain, the thing that most easily gets people excited is actually “it looks very liquid.” On-chain pools have depth and lively trading, but when it’s time to redeem, it’s the clause in the terms—“window period/queue/pausable”—that’s the real sticking point… to put it plainly, a lot of liquidity is driven by sentiment, not by assets.

Recently, some people have been interpreting ETF capital flows, risk appetite in the U.S. stock market, and crypto’s up-and-down moves together, and I’ll glance at it too. But the moment it comes back to RWA, I have to stay rational: what exactly are you buying—an on-chain certificate, or a promise of off-chain cash flows? What I care about most right now is who is responsible for settlement, and how things are handled if there’s a redemption rush. I’d rather have less “hype” and more verifiable redemption paths. That’s it for now—I’ll slowly map out the ecosystem.