Recently I took a look at a bunch of RWA projects—everything from U.S. Treasury tokenization to real-estate tokenization—and they’re being hyped like crazy. Bro, take a close look at those redemption terms—what about liquidity? It’s just an illusion, okay. The protocol says “redeemable at any time,” but look at the underlying assets—that’s something that needs time to liquidate.

To put it bluntly, everyone’s now talking about point systems, anti–Sybil measures, and it feels more and more like “getting paid for work.” But on the RWA side, don’t just follow the trend—ask yourself first: if the market crashes, can your tokens be redeemed at net asset value? I, for one, only trust cash flows. Those that are locked up for a year and you can only redeem once at the end—then honestly, it’s better to just buy a traditional fund.

The things I’m saying are harsh, but the bridge between on-chain assets and the real world isn’t as unbreakable as you think. Get something real. Don’t get fooled by liquidity packaging.