Over the past couple of days, I’ve been seeing everyone grind tasks in the airdrop season until they start questioning life—watch the anti-witch-hunt efforts get more and more like clocking in for work… To put it plainly, what everyone is really chasing is that little sense of security from “liquidity.” As it happens, when I look at RWA on-chain, it sometimes feels pretty similar: from the interface it looks like you can buy and sell at any time, and the trades are also pretty lively, but when it truly comes time to redeem or withdraw, it’s those clauses like “T+N,” “window period,” and “redeem suspension” in the terms that are the real hard rules. That bit of depth on-chain is often just an illusion.

I used to always say, “I only look at on-chain”—and that as long as the contract is transparent, that’s enough. Now I need to adjust that a bit: what you can see on-chain is the transactions, but you may not necessarily be able to see how the underlying assets are actually settled and redeemed. For my positions, I still calculate everything under the worst-case scenario—don’t treat it as a substitute for stable cash, and don’t leverage to bet on smooth redemptions either… The bull market makes you feel reckless, but you might as well put on some sunscreen first; taking it slower doesn’t really matter.