My phone popup just popped up again saying "Certain RWA on-chain progress +1," and the more red dots there are, the more it feels like the market is about to take off... But honestly, the easiest thing to do with RWA is to make it look like "liquidity is very sufficient." Being able to place orders and transfer on-chain doesn't mean you'll actually get your money when you want to redeem. The redemption terms like T+ days, limits, pause windows, delays for due diligence failure, etc., no one pays attention to them normally, but when something goes wrong, they all become "reasonable." Recently, fee rates are extreme again, and in the group, people are arguing whether to reverse or keep squeezing the bubble. I actually want to focus more on the terms: who is promising to pay, when will they pay, and whether they can refuse to pay. All the excitement is underwater; don't step too hard on the ice surface.