Does RWA really have "liquidity" once it's on the chain? I'm not getting too excited either; on-chain trading volume looks good, but that doesn't mean you can just walk away whenever you want. To be honest, many times it's just secondary market hype; the real challenge is the redemption terms of the underlying assets: windows, thresholds, delays, who makes the market, and even whether it can be paused under pressure... If these aren't clearly defined, the on-chain depth looks lively but is actually an illusion of liquidity. Recently, everyone has been interpreting ETF capital flows, US stock risk appetite, and crypto market rises and falls together, but I actually want to see: whether bridge traffic and active addresses are keeping up, don’t just focus on sentiment. After tonight’s night run, I’ll check a couple more charts, that’s all for now.