After seeing a tweet about “RWA on-chain” for the third time, I still want to say the old line—liquidity is an illusion.

Put simply, you take a building or a bond, split it into tokens, and hang them on the chain. If the trading pool is deep, it looks lively. But if a bear market comes, everyone wants to redeem. The underlying assets can’t be sold for half the day, the price won’t match, and your “real-time price” is just for show. I’ve been burned before: I tried to exit at the time, and the terms clearly, in black and white, said “a 30-day redemption window,” which ended up trapping me for a month.

Recently I’ve been seeing new L1/L2 projects blasting out incentives. Long-time users are digging and complaining about the “mine-to-sell” loop—honestly, it’s a bit like the liquidity problem with RWA. A new chain’s TVL looks great, but I don’t know whether the locks can hold up against the next market shock. Anyway, my advice is: before putting anything on-chain, read the redemption terms first—don’t just look at APY. Creases in paper mean it’s safer, and the same goes for strategy. That’s it for now.