I saw an RWA on-chain project today. The book value looks quite nice, but when you look closely at the redemption terms, my stomach tightens. To put it plainly, liquidity can sometimes be an illusion—no matter how much unrealized profit you have on the books, when it’s time to redeem you may need to line up for windows or even get discounted. I learned this the hard way over the past two years. I’d rather choose something slower but with clear terms, so redemptions can play out as expected and I can feel at ease.

Recently, people have been repeatedly talking about the pledge unlocks and the token unlock calendar, and everyone is anxious. In fact, the redemption terms of RWA are even more worth watching: what’s locked is real liquidity, not just numbers.

What I fear most isn’t losing money—it’s the moment liquidity dries up and you want to run but can’t run. Slowly adding kindling in the mountains, not for speed, just to keep the fire from going out. For now, that’s it—leave some position and slowly review the terms.