Lately, observing RWA on the chain increasingly feels like a "liquidity illusion": whether the on-chain pools are deep or shallow is one thing, but whether the underlying assets can be redeemed at your desired pace is another matter. Many times, you think you're buying a token that can be sold at any time, but the redemption terms are written like maritime weather—windows, limits, delayed settlements—when a concentrated run occurs, it just gets stuck, slippage isn't a reef, it's the dock simply not allowing docking.

To put it plainly, when I look at these kinds of projects now, I first check the redemption/pause conditions, then see who is making the market and how routing is handled, whether I can step off the chain back into "reality." Recently, the community has been arguing about privacy coins, mixing, and compliance boundaries. I can understand that the more compliant the narrative, the easier it is to treat "redeemability" as a fig leaf... Anyway, I'll patch things up first: keep positions small, do it in batches, only engage with terms I understand, for now, that's the plan.