Recently, watching the surge of RWA on the blockchain, the TVL rising is indeed impressive, but what I care more about is: can these funds really "be withdrawn at any time"? Many projects make liquidity look like fresh water, but once you flip the redemption terms—T+N, limits, windows, or even pause options in special cases—it’s more like locking money in a cabinet with a threshold, with a label outside saying "withdraw anytime."

There's also a detail: the actual income often doesn't match the TVL ratio, and it gets exposed once the hype dies down. Recently, I’ve been watching L2s argue over TPS, fees, and subsidies, but the active addresses generated by subsidies and the actual redemption capacity are completely different things. Anyway, when I look at RWA now, I first check the redemption ability, then the custody/audit information, and finally the TVL figures.