Recently, the group has been discussing RWA on the chain again, and honestly, what I fear most is that it "looks very liquid." The pools on the chain show deep liquidity, and the candlestick charts look smooth, but when it comes to redemption, there are a bunch of windows, quota limits, and review trigger conditions in the terms... Only then do you realize you're buying a "queue position," not cash.

Especially recently, with some regions tightening and relaxing taxes and compliance measures, everyone's expectations for inflows and outflows have clearly changed: they usually think it's fine, but when the wind shifts, they start rushing to exit first. RWA, which involves real-world settlement, is more prone to getting stuck. Anyway, now when I look at RWA, I don't just look at on-chain data, but also at the redemption rules and who has the authority to approve loans—these are more important than the words "on-chain." Someone in the group also thinks I'm too cautious, but forget it... I'd rather miss out on some gains than only understand the terms on the day of redemption.