Just went back and looked at some old posts from that RWA wave in 2019—it’s pretty interesting. Back then, everyone was saying “real-world assets tokenized on-chain, with global liquidity freely flowing.” Now, looking back, many projects still have the same old problems: liquidity looks big, but when you actually want to redeem, the fine print is packed with all kinds of lock-up periods, slippage, and even suspensions of redemptions.

Put simply, putting assets on-chain creates the illusion that they’re “tradeable anytime,” but the underlying assets still follow the same clearing logic as traditional finance. It’s like the “impermanent loss” from back in DeFi—newcomers rush in thinking it’s an arbitrage opportunity, while veteran players know that once the hype burns out, the person who ends up taking the last turn is often the one stepping into a liquidity-dead trap.

Recently, memes and celebrity “buy/sell calls” have pulled attention back to the chain again, which is good—but don’t take it too seriously. This is how market memory works: it keeps repeating “this time it’s different,” and then you find out, it’s actually the same. I’m not sure how to put it, but whenever I see those “new narratives,” I’ll first flip through the old posts from three years ago and look for the echoes.