Recently, the group has been discussing RWA on the chain again. Honestly, what I fear most is "looking 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, 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 taxes and compliance measures, sometimes tightening and sometimes relaxing, 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. RWA, which involves real-world settlement, is more prone to getting stuck. Anyway, when I look at RWA now, I don't just look at on-chain data; I pay more attention to the redemption rules and who has the authority to approve loans—these are more important than just "on-chain" words. Some people in the group also think I'm too cautious, but whatever... I'd rather miss out on some gains than only understand the terms on the day I want to redeem.