Recently, when looking at RWA on-chain projects, what I fear most isn’t “no liquidity,” but liquidity that looks real: there are a pile of orders hanging in the pool. Only when you truly want to redeem do you discover the terms are written very strictly—everything such as the window period, the quota, and even who has the authority to pause is tucked away in the corners. To put it simply, that little on-chain trading activity doesn’t mean you can swap the underlying assets back into cash.

Also, over the past couple of days, testnet incentives and the expected points have heated up again, and everyone is guessing whether the mainnet will issue tokens. I admit I feel a bit envious—after all, grinding interactions feels pretty effortless. But I still care more about contract permissions and fund flows: whether the admin can change the redemption rules, and whether the funds just circle back to their own addresses… If these aren’t addressed, even if the hype stays high, it’s only an illusion of liquidity.