I set a rule for myself: when I see RWA on-chain, don’t be dazzled by “on-chain liquidity” first—go look up the redemption terms and the pause/suspension mechanisms. Plainly put, many pools look deep, but what they really hide in the corner is “whether you can redeem, how long it takes to redeem, and who gets to decide.” Once the wind changes, even if the on-chain quotes look gorgeous, it may just be an illusion. Recently, modularization and the DA layer have also excited developers, and I get that vibe of users being completely lost… but when I’m checking the chain late at night, what I care about most is whether I can make it out smoothly in the end. Anyway, as long as I see abnormal transfers + terms written in such a “creative” way, I’ll just pretend I didn’t notice and go to sleep.