Recently, there have been quite a few projects on RWA (Real-World Asset) on the chain, and that "liquidity" curve on the page looks very beautiful, but frankly, much of it is an illusion: having orders on the secondary market doesn't mean you can withdraw at any time, the real obstacle is the redemption terms—T+ several days, credit limits, pauses during risk control, or even requiring offline documentation. When a region increases taxes or tightens compliance, and deposit and withdrawal expectations change, everyone's first reaction is "withdraw the money first," and that's when they realize that the on-chain depth can't really withstand it.

I'm not regretting the outcome, but rather that I only focused on the returns and the words "on-chain" at the beginning, without walking through the entire redemption process... Anyway, I want to ask first: if I really want to exit, who will pay me under what conditions? If there's no answer, just treat it as high risk and put it aside for now.