Recently, I’ve been seeing a bunch of projects on RWA chains touting “on-chain asset scale,” and instead I’ve become a bit more level-headed… To be blunt, a lot of liquidity is an illusion: it looks like you can buy and sell, but when it actually comes time for redemption, the various window periods, limits, and delayed settlement in the terms are not the same as what you think stablecoins are. When the market shakes, the on-chain price reacts first, while off-chain redemptions are still queuing up. This kind of mismatch is pretty tormenting to the mindset.

The same goes for new L1/L2 projects offering incentives to pull in TVL. I understand the older users who complain about “mining, then selling”—short-term data looking good doesn’t mean they can handle redemption pressure. For me, I’ll treat it as practice: no rush to join the excitement; first, watch stablecoin net inflows and sell pressure, and only jump in once the rules actually run smoothly. For now, just do it this way.