Recently, everyone has been talking excitedly about RWA on the chain, and I actually want to cool down a bit. On the chain, it looks like there's plenty of “liquidity,” and the pools are quite lively, but honestly, a lot of the time it's just trading excitement, not necessarily that you can smoothly redeem your assets when you want to. The key still lies in the redemption terms: the window period, queuing, who goes first, whether it can be paused in extreme situations... These can't be seen just by looking at a few transfer records on the chain.

And those on-chain data tools and tagging systems have recently been criticized for being outdated or even misleading, so I’m even less willing to draw conclusions from just one dashboard. Forget it, to put it plainly: don’t be hypnotized by the fact that “you can see it on the chain,” first figure out “how I can actually get my money back,” then decide your position. Being able to sleep peacefully is the most important.