Recently, everyone has been talking about RWA on-chain, to put it simply, what I fear most is the “liquidity illusion”: having a pool on the chain, with an interface that says it can be redeemed at any time, but the actual redemption terms are hidden in the corner—window periods, limits, or even queuing when encountering risk control. It’s fine in a bull market, but in a bear market, it turns into “you can sell, but can’t sell out.”

This feeling is a bit like earning points on testnets, everyone is betting whether the mainnet will issue tokens, the excitement is real, but the rules are uncertain too. Anyway, my current habit is: when I see “redeemable at any time,” I first treat it as “depends on the situation,” read the terms thoroughly, and see if I can accept the worst-case scenario… If I can accept it, I proceed; otherwise, I’d rather have fewer stories and more sleep.