I just woke up and checked a few RWA-related pools on the chain; the trading volume looks pretty lively, but I always feel a bit of a "liquidity illusion": what you see is secondary trading, but when it comes to large redemptions, can you actually get fiat or underlying assets back according to the promised time and price? The key details are all in the redemption terms. To put it simply, it's not about "selling anytime," but rather "applying—queuing—window period—possibly also risk control review," and the chain just makes the proof process faster.

Recently, the airdrop season also made me laugh. The anti-witchcraft tasks on the platform are getting stricter and stricter, and the points system makes the sniping community compete like going to work; RWA is similar—on the surface, tokens are easy to transfer, but the actual exit path is more like following a process. Anyway, when I look at projects now, I first check the redemption rules and conditions for pausing redemptions, then see who is doing continuous buying, otherwise, even if it's lively, I don't feel secure.