Recently, I've been looking at projects on RWA (Real World Asset) on the blockchain, and the more I look, the more I feel that the term "liquidity" is a bit like a filter: being able to sell on-chain at any time doesn't mean you can redeem at any time. The key points are the redemption windows, queuing, fees, and even phrases like "the issuer has the right to delay." Especially as compliance tightens and certain regions start discussing tax increases, people's expectations for deposits and withdrawals change. While on-chain trading remains lively, it’s only when converting back to fiat currency or physical assets that you realize the terms are very strict. To put it simply, I see complexity as the enemy: first, carefully review the redemption clauses, then discuss other things, to avoid being fooled by "tradeable = redeemable."