Lately, the narrative of RWA going on-chain has become popular again, and a word keeps popping into my head: liquidity illusion. The on-chain balance looks quite smooth, but when it comes to redemption, the terms are full of small print like "T+X," "window period," "pause option," which instantly pulls you back from DeFi to the real-world service hall... Frankly, the on-chain is just a display case; the door handle is still behind the counter.

In the past, I would focus on "asset-backed = more stable," but now I tend to check the redemption terms first, like hunting for Easter eggs: who can redeem, how to redeem, and whether the worst-case scenario can block you. By the way, I also think of recent social mining and fan token schemes—"attention is mining"—which also seem similar—appearing lively with liquidity, but the exit channels might just be a small door, which could close if too many try to squeeze through. Anyway, I prioritize whether I can exit over whether the story sounds good.