Recently, as I watch RWA go on the chain, I’m becoming more and more calm. To put it plainly, that “liquidity” on the chain is often an illusion: the order book looks pretty thick, but when it comes to redemption, there are a bunch of thresholds, delays, windows, and even no clear pricing mechanism in the terms. Don’t ask me why I’m so cautious; I have a habit: when I see a new protocol, I don’t look at the APY first. I flip through the pages on redemption/liquidation first, then decide whether to get involved or whether I can get out. By the way, the on-chain data tools and tagging systems are often criticized for being laggy and potentially misleading, and with RWA, which is mostly “off-chain facts,” no matter how fancy the tags are, they can’t replace the contract details. Anyway, I’d rather earn a little less than be sure I can exit.