Recently, I saw a bunch of RWA on-chain projects bragging about "on-chain liquidity," and I couldn't help but laugh... Honestly, many of them are just secondary projects that look lively; when it comes to redemption, with all the clauses about windows, limits, manual reviews, it instantly shifts from "instant settlement" to "please queue and wait for notification." Liquidity isn't on-chain or off-chain; it mainly depends on who takes the fall and who has the power to hit the pause button.



Layer 2 is still arguing over TPS, fees, ecosystem subsidies, arguing as if it's a discount at someone's cafeteria, but for someone like me who's done DAO miscellaneous work, what really causes delays are process frictions: KYC, legal, custody, clearing—after all that, the chain is just labeled.

What I don't regret is: looking at project redemption clauses first, then the narrative; even if I miss the hype, so be it.
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