Recently, when looking at projects on RWA (Real World Asset) on the blockchain, that bit of "liquidity" on-chain sometimes really looks like a spotlight: the pool seems deep, but if the redemption terms say "subject to review/queue/at window/pausable," you know that when pressure comes, they’ll probably lock the gates first and then explain. Frankly, on-chain just makes the share accounting transparent; the underlying asset redemption pace is still the old-world way.

I used to be quite stubborn, thinking "I only look at what's on-chain" was enough, but I was later educated: what you see on-chain are just transaction behaviors, not necessarily redeemability. Especially now, with on-chain data tools and tags being criticized for lagging or even misleading, I’m more willing to treat on-chain as a sentiment thermometer. Before making real judgments, I review the terms—what annoys me most are vague clauses... For now, I’d rather earn a little less than gamble on "pausable redemption" and take my chances.