Last night, I looked over the terms of an RWA on-chain project, almost slipped and went to open a position... then I read a few more pages. The “liquidity” on the chain looks pretty good, but in reality, much of it is supported by market making + limit redemptions. When you actually want to redeem, you might have to wait in line, face a window period, or even have your request “temporarily delayed,” which has little to do with instant withdrawal on the chain. The biggest worry is that everyone is focused on the yield curve, but no one is paying attention to the redemption trigger conditions or who will cover the losses. Recently, modularization and the DeFi layer have excited developers, leaving users confused. I’d rather focus on understanding the details: assets on the chain don’t mean you can withdraw your money anytime. I’d rather miss out than sleep better at night.