Recently, I’ve been looking at RWA on-chain projects, and the more I look, the more it feels like the liquidity is a bit fake. To put it bluntly: no matter how “hard” the underlying asset you claim to back it is, if the on-chain buy/sell depth isn’t there, and the redemption terms are stuffed with a bunch of fine print, everyone’s happy when price goes up. But when you actually need to rush out, you find out that the liquidity was just an illusion…

This feeling is kind of similar to the recent collapse of chain games too—economics model design sounds heavenly, but the moment the studio steps in, it turns into an inflation spiral. The token price is basically like free fall.

Why can I stay calm now? I’ve developed a habit: when I see any so-called “quality asset” get put on-chain, my first reaction isn’t to calculate the annualized yield. It’s to dig into its redemption terms and how deep the liquidity pools are.

I’m the type who’s allergic to gas fees—stingy by habit. I don’t want to keep paying this kind of “cognitive tax.”