My phone just popped up a red dot notification again: some RWA pool says "liquidity is ready," and I almost accidentally clicked in... To put it simply, this thing is often just a liquidity illusion: on-chain, it looks like you can buy or sell, but when you want to redeem, the terms flip—T+ several days, a window period, limits, and even require review of materials, just like waiting for a notification in the real world. The floor price flickers back and forth, but actually, it's the redemption gate tightening the faucet from behind.

Recently, hardware wallets are out of stock, and phishing links are everywhere. People’s security awareness has improved, but I feel we haven't adapted to "redemption clause phishing" yet: it's not about stealing your private key, but about tricking you into thinking you can exit anytime. Anyway, now whenever I see "redeemable/exit available," I first check the small print; otherwise, liquidity is just a sticker that can change faces.