Recently, watching the wave of RWA going on-chain, the more I look, the more I feel it should be slower.

On-chain liquidity looks quite lively, pools are set up, curves are drawn, it seems like you can enter and exit at any time, but honestly, many of these are "illusory tradability."
If you really want to redeem, it still depends on the terms: T+ several days, window periods, quota limits, or even who has the final interpretive authority...
If these aren’t written in prominent places, I default there’s a trap.
Anyway, I’ve gotten used to first checking the redemption/liquidation rules, then looking at on-chain trading volume, otherwise it’s easy to get carried away by the numbers.
By the way, I’ve also been thinking about the recent community debates on privacy coins/mixing compliance boundaries, which have been quite intense.
Actually, it’s the same underlying issue: just because it’s visible on-chain doesn’t mean you can access it, nor does it mean the rules won’t change.
Being a step slow is okay, at least don’t let “looks like it can” replace “actually can.”