Recently looking at a bunch of RWA on-chain projects, the packaging all seems quite "stable," but I keep focusing on two things: whether there is real liquidity, and whether the redemption clauses are written like "you can withdraw but probably won't." The on-chain trading volume sometimes looks more like a lighting effect; when more people come in, it seems lively. But when emotional turning points come and you want to withdraw, you realize there are queues, lock-up periods, discounts, and even manual reviews... Basically, it's not that you can't redeem, but the probability of successful redemption isn't as high as you think.

This is somewhat similar to the current staking and shared security yield stacking being criticized as "pyramid schemes": the curve looks smooth most of the time, but when stress testing hits, the first to fall are often the outermost layers of confidence. Anyway, I’m more concerned with the fine print in the terms when dealing with RWA now—I'd rather earn less than treat "withdraw anytime" as a certainty. Those who have lost money should first calculate the probability before acting.