Lately, more and more projects are getting on RWA chains, and it feels increasingly awkward: the on-chain transaction depth looks like "liquidity," but it's actually more like a staged photo. Clicking on swap causes slippage to spike, and the routing still likes to shove you into strange pools; the order filling quality is a mess. Even I, the "Slippage Samurai," am thinking of calling it quits...

The more critical issue is the redemption terms. To put it simply, many of them mean "being able to buy tokens ≠ being able to exchange assets back at any time." Some require waiting for a window period, some need queuing, and some are paused when facing risk control. The on-chain part is just the entrance; the exit is entirely in the hands of off-chain gatekeepers. On the macro side, there's also chatter about easing expectations, with the dollar index rising and falling along with risk assets. When emotions run high, people tend to mistake "being able to trade" for "being able to exit," and this trap is quite subtle.

Now I practice: every time I want to jump in, I first ask myself—when I really want to redeem, can I accept the conditions it offers? If I can't accept them, I pretend I didn't see it, to avoid blaming the routing later. Actually, I was the one getting carried away first.