Don’t tell me that RWA on-chain is the next trillion-dollar narrative—go look at the “Treasury bond token” redemption terms in your own hand first. Liquidity? Most of it is “made” on-chain—stacked depth. The moment big players run a bank-run-style redemption, the underlying assets are separated by three settlement layers. How fast can you really run? Put simply, the people hyping RWA right now are just packaging traditional finance’s junk as a DeFi streetwear brand. The whole issue of extreme funding rates is the same thing—everyone is betting on a reversal, but can that liquidity pool on-chain truly withstand redemptions? Anyway, I don’t buy it. Anyone who hasn’t been through liquidation, wake up.