Recently, I've been looking at a bunch of projects on RWA (Real-World Asset) on the blockchain, and their promotions all talk about "on-chain liquidity," but I always feel like it's a bit of an illusion: having orders on the secondary market doesn't mean you can actually redeem the underlying assets at the time you want. Frankly, the redemption terms are the core—T+ how many days, limits, suspension conditions, who makes the ruling... If these aren't clearly specified, that little "depth" on the chain looks lively but leaves you uncertain.

A couple of days ago, another cross-chain bridge had an issue, and when the oracle reported an anomaly, everyone collectively said "wait for confirmation." This atmosphere instead reminds me: the more it seems like you can enter and exit freely, the more you should assume the worst-case scenario. Anyway, I've lowered my expectations now: treat it as a security with locking and thresholds; as long as it can be redeemed according to the rules, it's considered a success, which makes me feel more at ease.