Lately, when looking at projects on RWA on-chain, the scariest thing isn't the words "on-chain assets," but rather the liquidity that looks very attractive: deep pools, high TVL, but once you flip the redemption terms, it’s T+ several days, limits, or even queues... Basically, this liquidity is a bit like a gym membership card, the front desk always says "cancel anytime," but when you actually try to cancel, there are a bunch of procedures.

These days, I also see new L1/L2 projects offering incentives to boost TVL, and longtime users complain about mining, harvesting, and selling. I can really empathize: when liquidity is stacked through rewards, the price slippage looks better on the surface, but if you want to move large amounts in or out, the delays and rules stack up, and the experience immediately reveals itself. Anyway, when I look at RWA now, I first treat the most difficult redemption process as the default path, then decide whether to engage... If I can't make a profit, I’ll just consider it tuition.