I just looked at a few deep dives into RWA projects. The liquidity looks quite thick at first glance, but after digging into the redemption terms… well, it feels like a “mirage.” The TVL is stacked high, but when it’s really time to redeem, there are layers of friction—slippage, limits, time locks—like you put an order on the exchange, but the entire order book depth is filled by bots.

Social mining too. The whole fan-token setup gives me the sense of “liquidity mining for attention,” like a version of liquid staking based on attention. But in the end, cashing out still relies on the hot topic, not the product. Sometimes I tell fellow group members not to chase the candlestick charts, and they ask me: If not chasing the candlesticks, what should we chase? I tell them to place a limit order and wait for liquidity to come to you—but they think that’s too slow.

Anyway, when I look at RWA now, I’ll first check whether redemption is actually painful. Liquidity being good is good, but if the redemption terms are basically like a lockup, then honestly I’d rather just set a limit order the old-fashioned way—at least you know what you’re getting into.