At 3:00 AM, I saw that RWA project's APY numbers again. They looked pretty tempting, but when I clicked into page 17 of the whitepaper, I finally saw the redemption terms—30 days of a cooling-off period plus an on-chain review. In other words, when you need money urgently, it doesn’t care.

It reminded me of something someone complained about in the group during the day: the new chain had issued incentives. The old hands were mining while also withdrawing, saying, “Anyway, what isn’t locked up is yours.” RWA is even more ruthless—it’s not locking up your coins; it locks the fiat channel and the lawyer letter, making the liquidity illusion as strong as it can get.

The red line I’ve drawn for myself right now: for anything that includes the words “real-world asset-backed,” first find out who holds custody, who audits, and where the redemption trigger conditions are written. When the market is急（in a hurry）, trust only the thresholds you set for yourself—everything else is noise.

That’s it for now. Sleep.