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Recently, RWA has been hot, but to be honest, every time I see the phrase "on-chain liquidity," I want to laugh—treasury bonds locked in smart contracts, the moment the redemption clause is triggered, liquidity? It doesn't exist.
Just like the unlock calendars flooding the screen right now, everyone is anxious about selling pressure, but when it really comes crashing down, liquidity is thinner than paper. Anyway, I'm used to checking large on-chain movements first before deciding whether to panic. If I could only keep one habit, this would be it.
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