Recently, RWA on-chain has been hyped up as "finally bringing reality into DeFi," which just makes me roll my eyes.

Honestly, a lot of liquidity is just an illusion: the on-chain trading depth is minimal, and when faced with concentrated redemptions, it all comes down to how the redemption terms are written—T+ days, limits, pauses, discounts—none of which are "you can withdraw anytime, just depends on my mood."
My colleague asked yesterday if it's just like a fund, and I said the difference is that the on-chain buttons are more tempting; you click, only to find the door is locked.
By the way, looking at social mining, fan tokens, and that "attention is mining" scheme, it’s pretty similar: when things are lively, everyone feels like they’re mining something; when it cools down, they realize they’re just mining their own emotions.
Anyway, now when I see the words "redeemable," I first check the fine print, or I’ll end up reviewing and scolding myself again.