This evening, I took a look at the recent projects that have been on-chain with RWA. On the surface, "on-chain liquidity" seems quite lively, with quite a few orders, but I always feel like it's a bit of an illusion: you think you can sell at any time, but when it comes to redemption, you realize the terms are very strict—T+N, limits, lock-up periods, even trigger conditions... Anyway, it's not the kind where you just click and withdraw.

Especially lately, some regions are tightening and loosening taxes and compliance measures, and everyone's expectations for deposits and withdrawals fluctuate accordingly. When emotions run high, it's easier to mistake "being able to trade" for "being able to exit." Thinking about it later, it's quite funny—no matter how transparent the chain is, the rules are still written by people.

Now, when I look at these kinds of assets, I prefer fewer of them, and I draw the redemption path as a stop-loss line: how long it would take to get the money back in the worst case, and what to do if I can't get it back. To put it simply, the sense of boundaries should be written into the position first.