Just saw someone praising RWA on-chain as a “trillion-level liquidity revolution”—laughable. Ask the teams that package real-world assets into tokens: what do their redemption terms actually say? T+ how many? What are the fees? Once you pull the liquidity pool, it’s all their own market-making bots—retail traders walk in and immediately become bag-holders. In plain terms, it’s just repackaging old wine and selling it again.

Recently, that some L1 blockchain has been messing around with an upgrade again, and people in the community are all speculating whether ecosystem projects will take the opportunity to switch chains. I don’t think it matters whether they switch chains; the key is whether you can truly “pull” your assets out from the chain. Otherwise, after the upgrade, if the liquidity in the pools is still a one-way door—going in but not getting out—that’s the real impermanent loss.

Anyway, as an old “bag” like me, the moment I see the three letters “RWA,” my first reaction is to look up the redemption clauses in the whitepaper and figure out whether I can get out alive. Don’t talk to me about faith—first do the math.