My attitude towards RWA on the blockchain is a bit conservative now: it looks very "liquid," but when it comes to redemption, you might realize that liquidity is an illusion... No matter how attractive the on-chain trading depth appears, it doesn't mean you can exchange the underlying assets back into cash at your desired pace.

Honestly, what I care about most isn't how beautiful the returns are written, but the redemption terms: T+ how many? Are there gates or pauses? Who decides on "abnormal situations"? Some are written quite detailed, but so detailed that you can't really walk away at the original price under pressure. Recently, as everyone discusses rate cut expectations and the dollar index moves, risk assets also shake, I become even more sensitive — a macro turn might mean redemption pressure and secondary market liquidity are two different things.

Anyway, I first look at it from the perspective of "can I survive the worst case," so that later, if the position curve suddenly breaks, I won't think it's just my mistake.