I just checked out an RWA project. The liquidity mining has been pretty lively, and the TVL growth is pretty outrageous. But when I looked into the redemption terms, it says “subject to the underlying asset liquidation cycle.” In plain terms, it’s T+7 or even longer—so you watch the numbers jump on your screen, but when you actually need the money, they might hold you up for days. It reminded me of a DeFi protocol I saw before: day-to-day trading felt smooth, but the moment a black swan hit, it instantly suspended redemptions—it felt like a sandwich, with everything blocked from both ends 😅

Anyway, during the airdrop season, anti-sybil checks are strict, and the points-based system is so competitive it’s like clocking in for work. At times like this, I don’t trust “liquidity illusions” more. If you don’t understand it, just don’t move—better to miss the entry than be the last person left holding the bag.