In the evening, I reviewed things and took a look at a few projects in the RWA sector. The liquidity data looks pretty impressive, but when I went through the redemption terms, I found that many are “periodically open” or come with lock-up conditions. Honestly, this kind of design always makes me feel like a “digital version of term deposits”—the numbers look good on paper, but if you urgently need the money, you may have to wait for the window. My roommate just walked by and glanced at it, saying, “Isn’t this just a term deposit wrapped in Web3 skin?” I couldn’t even think of a way to argue back for a moment.

Lately, the on-chain gaming side has been hard to put into words too. When the inflation model broke, studios and retail users started competing by pushing prices, and the coin price spiraled downward. It feels like you’re playing a big “who can run faster” game. Anyway, my own habit is: if I don’t understand liquidity, I’d rather stay away. I’d rather set the stop-loss line first before anything else.