Recently, watching the wave of RWA going on-chain, everyone is praising "real cash flow," sounds pretty stable, but I always feel it's more like a liquidity illusion: being able to buy and sell on the secondary market doesn't mean you can redeem whenever you want. Redemption terms include windows, limits, suspension conditions, usually no problem, but when volatility spikes, it can make you question life... Frankly, on-chain is just more transparent bookkeeping, not creating liquidity out of thin air.

By the way, I see social mining and fan tokens are hot again, with claims like "attention is mining," but I don't really believe this can be sustainable in the long run. Attention comes quickly and goes just as fast, ultimately it still boils down to: how assets can be exited, who can exit, and when they can exit. Anyway, when I watch lending pools, I focus on collateral quality and liquidation depth, not just the hype narrative.