Recently, I've seen a bunch of narratives about RWA being on-chain. To put it simply, everyone loves to focus on "how much TVL/transactions are on-chain" to imagine liquidity, but I always feel there's some illusion here: being able to trade doesn't mean you can redeem, especially during stress tests. How the redemption clauses are written, who has the final interpretive authority, how long the queue is... these are the hard facts. Sometimes, the on-chain numbers are more like a heat gauge rather than cash flow. By the way, recently, on-chain data tools and tagging systems have been criticized for being outdated or misleading. I can understand that—adding tags is like stamping a story, which can easily encourage laziness. Anyway, I need to remind myself: what I’m buying are the terms and the enforceability, not just the "liquidity" shown on the page. That’s all for now; I’ll keep observing.