For the past two days, everyone’s been chatting about funding rates until it feels like they’re about to argue to the breaking point: is it going to reverse, or should it keep squeezing the bubble? Me, I’ve been staring blankly at the other side’s “RWA on-chain”... To put it plainly, a lot of the liquidity feels like it’s just been lit up by lights. The market looks pretty lively on the surface, but the moment you reach the page with the redemption terms, it goes quiet: T+ a few—who can redeem, and what to do if you can’t redeem—everything is written very cautiously in the details.

After I lowered my expectations, I actually feel more at ease: treat it as a “tradeable certificate,” not “on-chain cash.” I’ll still keep track of large transfers, but now I’m more interested in whether there are genuinely actionable redemptions after you enter or exit the exchange; otherwise, even if the heat is high, it’s like watching a show—you only know where the exit is once the crowd has dispersed. That’s it for now.