Lately I've been looking at RWA on the chain again, and the more I look, the more I feel that the word "liquidity" is a bit of an illusion... It's listed on the chain, and the matching is lively, but when it comes to redemption, the terms include various T+ days, limits, pause windows—basically, what you get is a gate-kept exit right, not something you can cash out at any time.

I used to love saying "I only look at on-chain data," but now I have to take that back a little. On-chain data can show popularity and concentration of holdings, but redemption clauses—these "off-chain handbrakes"—you wouldn't know how deep they are without reading the documents. Recently, there's been a lot of discussion about the expectations of rate cuts, the dollar index, and risk assets rising and falling together, but when pressure really hits, products like RWA are more about seeing who closes shop first... I still stick to my old habit of diversification, small positions for trial and error, only engaging with those that can accept being locked for a while—that's how I'll keep it for now.