Recently, I saw a bunch of projects on RWA (Real-World Asset) on-chain drawing liquidity pie charts, saying "you can enter and exit on-chain anytime." Honestly, the real test of character is only at the moment of redemption: T+ several days, window periods, limits, or even "pausing in special cases"... these small print are much more honest than the main body of the white paper. On-chain is just faster bookkeeping; it doesn't mean the real assets can be transferred instantly.

By the way, watching Layer 2 argue over TPS, fees, and subsidies, it’s as noisy as a marketplace. But what I care more about now is: how exactly do you withdraw these assets, who makes the decision, and who’s responsible if something goes wrong. Anyway, I’ll stay quiet for now, observe a few more governance voting records... Hopefully, it’s there, at least people are starting to ask "Can I redeem?" instead of just asking "Can it go up?"