Lately, I've been seeing a bunch of RWA on-chain projects hyping "on-chain liquidity," and I can't help but roll my eyes a bit: being able to sell that note token on DEX/secondary markets doesn't mean the underlying assets can be redeemed at any time... Frankly, liquidity often just means "someone is willing to take over the position." When it comes to stress testing, once the redemption window, queue order, gate (redemption restrictions), or discount clauses are triggered, the on-chain depth is as thin as paper. Not to mention some require you to sign a bunch of authorizations; the contract can transfer your tokens, but whether you can get your money back depends on those fine print lines in the documentation. Recently, the "yield stacking" of pledge/sharing security models has been criticized as a copycat scheme, and I think it’s quite similar: layered packaging, looks like you can exit at any time, but the actual exit conditions are increasingly strict. Anyway, now I always check the redemption terms before clicking "authorize," or I’ll just end up in trouble. That’s all for now.