Spammed with a bunch of RWA on-chain promotions, with a picture claiming "real assets backing" and daring to call it stable... Frankly, the on-chain trading volume is often just a liquidity illusion: it looks like you can buy and sell anytime, but when you want to redeem a large amount, there are clauses with various T+N, lock-up periods, gates, suspension of redemptions, directly keeping you stuck inside.

What's even more amusing is that when the spot/derivatives funding rates hit an extreme, the group starts arguing again—"Is it about to reverse or is the bubble still inflating?" Don't worry about whether it will reverse or not; first, understand the redemption terms clearly: Can you redeem? How long does it take? Who makes the decision? Is there an emergency shutdown button? It's even harder to enforce stop-loss rules on these things because you can't even "stop" properly. Anyway, I’d rather earn less than be the one who thinks they have an exit.