Recently, everyone has been talking excitedly about RWA on the chain, but I have a bit of a worry: frankly, that so-called "liquidity" on the chain is often an illusion. The order book looks like you can buy and sell, but when it comes to redemption, you find there are a bunch of restrictions—T+ days, limits, and in extreme cases, even pauses... Anyway, it's not the same as just clicking to exit in DeFi.

By the way, these days some people interpret large on-chain transfers and unusual movements in exchange hot and cold wallets as "smart money." I admit I envy that feeling, like they can always see something ahead of time. But the more I look, the more I think moving money around doesn't necessarily mean you can smoothly turn it back into cash, especially with assets that have redemption thresholds. My approach is still the same: first, focus on the redemption terms—whether you can get your money back when needed is more important than just "on-chain" words.