Recently, I've been looking at a bunch of pools on RWA (Real-World Asset) on the chain. On the surface, the liquidity looks like oxygen in an aquarium—lots of bubbles, but they burst with a poke. Basically, the on-chain depth only means "trading can go out," not "money can be redeemed." Redemption terms, T+ days, how to queue during a run on the bank—those are the fundamental issues whether the pipeline is open or not.

Now I first check the redemption window and suspension conditions, then look at market-making incentives. No matter how attractive the fee distribution is, it can't fix the "only in, never out" experience... Anyway, I’d rather earn less. By the way, hardware wallets are out of stock, phishing links are everywhere again. People’s security awareness has definitely improved recently, but don’t just guard against theft—bad terms can be just as deadly.