Just saw a rumor in the group about USDe de-pegging, and a bunch of people started panicking—hilarious, I really can’t watch this kind of emotion loop anymore. To put it plainly, the biggest problem with RWA on-chain right now isn’t whether the assets are real or not, but the illusion of liquidity. You watch the TVL shoot up like it’s always ready to run—then as soon as redemption terms show up, everything is lock-up periods, penalty fees, and liquidation discounts. Last week I took a hit because I was slow to react to it: I clearly saw on-chain signals, rushed in trying to grab a quick trade, but the redemption window had to wait two weeks, and in the meantime the price just slid away.

Later I thought back and realized this is something that should be slowed down. Slow down and look at the underlying contracts of these RWAs—don’t just stare at the numbers in the pool. With stablecoin regulation lately, it’s the same story: when reserve audit reports come out, a lot of people feel reassured, but the de-pegging risk only truly shows itself at the moment you try to redeem. As for me, if I run into an opportunity like this now, I’ll hold off first—let everyone else rush in, and I’ll pick up the leftovers a half-step behind. It actually feels better. Alright, it’s late and I’m talking too much—let it be like this for now.