I just looked at a RWA project’s pool, and the on-chain depth looks pretty intimidating. Placing a single order causes slippage to spike immediately. Basically, it’s a “liquidity illusion”: the order book is full, but if you really want to redeem, the redemption terms block you with three gates—window period, quota, and offline settlement wait. These days, everyone is obsessing over whether the extreme funding rates indicate a reversal or just more bubble squeezing. I think RWA is more like another kind of squeeze: not price squeezing, but redemption squeezing. Anyway, I’m now more interested in checking the redemption terms before looking at TVL for RWA, because if I want to withdraw later, I might just end up helping others maintain the appearance of depth.