Recently, there has been quite a buzz about RWA on the blockchain, but I always feel there's a bit of a "liquidity illusion": seeing it on-chain as if you can sell anytime, but when it comes to redemption, you find a bunch of clauses—T+ days, limits, windows, and even manual reviews... Basically, what you're buying is a "transferable certificate," not necessarily an "asset that can be withdrawn at any time." As someone who runs away wherever it's cheap, when I see vague redemption terms, I treat it as a fixed-term investment and don't gamble with my active funds.

Then I see the "yield stacking" of re-pledging/shared security being criticized as a copycat scheme. The logic is somewhat similar: superficially stacked nicely, but the underlying exit channels are blocked, and everyone crowding the door makes it awkward. For me, "long-term" is roughly on a quarterly basis; only those that can survive one or two market shocks and still be redeemed smoothly according to the terms are what I’m willing to hold a little longer. Anyway, I first consider the worst-case scenario within what I can accept.