Recently, more and more projects are going on-chain with RWA, all packaged to look quite "stable," but I’m actually more focused on the redemption clauses: is it T+0 or do you have to queue, is there a whitelist, can redemptions be paused in extreme situations... Frankly, the so-called "liquidity" on-chain is often an illusion; the real gate is off-chain.

Am I being too conservative?
Maybe, but what I fear more is that everyone thinks they can withdraw at any time, only to find out when they actually want to exit that they bought into "clauses."

The airdrop season this time also feels similar. Task platforms are anti-witching, points systems are as competitive as clocking in at work, on-chain activity looks lively, but once the rules change, the hype instantly disappears. Anyway, I’d rather go slower now, figure out the exit mechanisms first, and not let the narrative turn into an empty shell.