Recently, RWA (Real World Asset) on-chain has been hyped up as "finally bringing reality into DeFi," which just makes me roll my eyes. Honestly, much of the liquidity is an illusion: the on-chain trading depth, when faced with concentrated redemptions, ultimately depends on how the redemption terms are written—T+ days, limits, pauses, discounts—none of which are "you can withdraw anytime," they all depend on how I feel. A colleague asked me yesterday if it's just like a fund, and I said the difference is that the on-chain buttons are more tempting; you click, only to find the door is locked. By the way, looking at social mining and fan token schemes that say "attention is mining," it’s pretty similar: when things are lively, you think you’re mining something; when it cools down, you realize you’re mining your own emotions. Anyway, now when I see the words "redeemable," I first go check the fine print, or I’ll end up reviewing and scolding myself again.