Just now I checked the addresses of a few RWA projects again—the liquidity looks pretty good at first glance. But when I looked up the redemption terms, it had me laughing: the lock-up period, the minimum redemption amount, and fee tiers. In plain terms, it’s all pretty on paper. When it’s actually time to run, you find the door is left slightly ajar.

Then there’s this round of attention rotating. The old-timers told me not to take the last baton, and I thought, you should’ve warned us earlier. But with that whole influencer call-guy-and-shill routine—once you pull the on-chain data, the address distribution and holding times are basically laid bare. Anyway, I’m used to checking whether the contract has a lock-up function first, and then deciding whether to let my head run hot.

In any case, with my FOMO personality, I say “be cautious” out loud—but my hand has already opened the trading page. For now, that’s it. I’ll check later to see if there’s any arbitrage space.