Lately, I've been a bit obsessed with projects on RWA (Real-World Asset) on the blockchain, which reminded me to "pause" first: don't rush to click buy, take a moment to look at how the redemption terms are written. Honestly, a lot of so-called "liquidity" actually means you can sell it on the chain, but that doesn't mean you can exchange the underlying assets for cash in the way you think; window periods, limits, KYC, who has the final interpretive authority... if you don't pay attention to these details, it ultimately becomes an illusion of liquidity.

By the way, I also thought about the recent heated debate over NFT royalties, where everyone is arguing about creator income versus secondary market liquidity. RWA is the same; you might think you're holding a "redeemable at any time" ticket, but how the exit rights are designed is what truly determines the underlying value. Anyway, my current approach is: if I don't understand the redemption process, I’ll stop minting and placing orders. If I miss out, so be it.