These days, discussions about projects on RWA (Real World Asset) on-chain are quite lively, but I always feel that a lot of "liquidity" looks more like a lighting effect: the secondary order book is quite full, but when it really comes to redeeming or exiting, you realize that the redemption window, limits, T+N, or even who the counterparty is, are all written in a complicated way. To put it simply, being able to transfer on-chain doesn't mean you can always convert back to cash; the terms are the real gatekeeper.

Airdrop season is the same. The point system makes people feel like clocking in at work; the stricter the anti-witch platform tasks are, the more it seems like they're screening for "patience" and "time cost," not genuine value. Anyway, I’ve recently scaled down my goals: only focusing on two or three assets whose redemption terms I can understand, not trying to touch everything. This actually helps me stick to recording the data better.