Recently, looking at RWA on the chain increasingly feels like watching a "liquidity illusion": the numbers on the interface are quite smooth, but when it comes to redemption, you realize the boundaries are drawn in the terms.

In the past, I would comfort myself by looking at on-chain trading volume, but now I prefer to first sketch out a small diagram of the redemption window, minimum redemption amount, who will do the liquidation, and whether it can be paused in case of risk control—can it be closed? You can tell at a glance which part is empty.
The new L1/L2 is also issuing incentives to attract TVL, and I can understand the complaints about "mining, proposing, selling." To put it simply, liquidity is often subsidized; once the subsidies are withdrawn, the truth is exposed.
What’s more dangerous with RWA is that you might not be able to withdraw even if you want to...
Anyway, I now prefer to go slower; if the terms are unclear, I’ll just pretend there’s no liquidity.