Recently, everyone has been talking about RWA on the chain again. Frankly, what I fear most is the "liquidity illusion": a pool is displayed on the chain, and the interface says it can be redeemed at any time, but the actual redemption terms are hidden in the corner—window periods, limits, or even queuing when encountering risk control. It's fine in a bull market, but in a bear market, it turns into "you can sell, but can't sell out."

This feels a bit like earning points on testnets; everyone is betting whether the mainnet will issue tokens. The excitement is real, but the rules are uncertain too. Anyway, my current habit is: when I see "redeemable at any time," I first treat it as "depends," and I read all the terms thoroughly—can I accept them in the worst case? If I can accept, I proceed; if not, I prefer fewer stories and more sleep.