This morning, the traffic was as blurry as when I left the house, and the navigation said "smooth sailing," but I kept braking all the way... Looking at RWA on the chain, it has that vibe: the liquidity on the interface looks quite full, but when you actually want to redeem, that clause in the terms—"by cycle/limit/window"—starts blocking the way. To put it simply, the on-chain tradable depth is just superficial; the cash flow rhythm of the underlying assets doesn’t match, and no matter how you set up the pool, it’s like pouring water into a leaky funnel.

Recently, the incentives on the testnet and the expectations for points have pumped up everyone’s emotions, and people are guessing whether the mainnet will issue tokens. But I care more about: once the hype dies down, who will handle the redemptions? My approach is simple: treat the redemption terms as the core of risk control. I’d rather earn a smaller spread than risk a fall just because it "looks sellable." Anyway, keep the position small and sleep well.