I just closed the white paper page of a certain RWA project, my eyes are a bit tired... Honestly, what I fear most isn't on-chain opacity, but the illusion of "appearing very liquid": there are trades in the pool, the interface says it's redeemable, but when you actually want to exit, you find out you have to queue, there's a window period, and there are all kinds of exceptions. In the end, it turns into you waiting for the other party to "willingly send you the funds."

Now I look at RWA, I first flip to the redemption terms pages—what's T+ period, the limit, who has the authority to pause, how are fees calculated—treating the worst-case scenario as the default. The modular and DA narrative has recently become popular again; developers are excited, but ordinary users only care about: can I get my funds on time when I click "redeem"? Anyway, I don’t do anything too mysterious; I keep track of costs clearly, and if the terms are unclear, I just assume there's no liquidity. That’s it for now.