Recently, I came across a bunch of projects that have RWA (Real-World Asset) on the blockchain, and their descriptions read like "on-chain government bonds that can be used at any time." But I stared at the pools for a long time, and the liquidity really feels a bit illusory: the slippage looks okay normally, but when I want to withdraw a large amount, I realize the redemption terms are just playing with words—T+?, window periods, quota limits, and even "manual review"... Basically, you think it's USDC, but it’s more like a locked deposit certificate.

These days, I’ve also been discussing rate cut expectations, the US dollar index, and risk assets rising and falling together. When the sentiment heats up, everyone is more willing to believe in "redeem at any time." I myself was awakened and simply set reminders and limits for several pools. I felt pretty annoyed at the moment I set them, thinking I’d miss out and lose; but after two hours, I felt relieved: at least I don’t have to stare at the K-line in the middle of the night, and if it really runs away, I won’t get stuck in the terms awkwardly. Anyway... just going to wait and see.