Just saw some data on an RWA on-chain project, did the math on the liquidity—wow, turns out 80% of the TVL is basically stablecoin mining and arbitrage guys. To put it plainly, the so-called “on-chain yield” is really a liquidity mirage: when it’s time to actually redeem the real-world assets, you’ll have to see whether the redemption terms are as twisty as a real estate contract. Anyway, with the little tokens I have, short-term arbitrage is fine; but if it’s really time to bet big on “asset tokenization on-chain means it’s real,” I’ll still wait and see.

Modular blockchains have been pretty lively lately, too. Developers are going on and on about the DA layer with so much passion that I, as a regular user, come out completely baffled: are you planning to split the chain like LEGO and let me play with a jigsaw puzzle? Forget it—let’s first sort through all those RWA terms. Don’t end up unable to redeem the assets, and instead becoming a regular on the arbitration circuit.