Recently, the group has been sharing about stablecoin regulation, reserve audits, and some short essays about "de-pegging." I was scrolling and trembling to jump in... but then I calmed down and thought about it, RWA (Real-World Assets) on-chain is quite similar: looking at on-chain balances and TVL is lively, but the liquidity is actually a bit of an "illusion." To put it simply, what you buy isn't cash flow that can be sold at any time, but a note with redemption terms: redemption windows, limits, KYC, and even suspension rights. Once these are written into the terms, if there's a panic, no matter how transparent the chain is, it can't save "I want my money now."

I used to be stubborn: I only look at on-chain data. But I was educated that on-chain can only tell you "who is holding," not whether you can take your money out when you want to. Now I’m a bit more down-to-earth: first, read through the redemption terms, then see if your position can withstand a few days of freeze. Anyway, don’t pretend to be a big shot with small positions; FOMO is fine, but you should think about stop-loss and exit strategies first.