These days I've been seeing everyone compare RWA with U.S. Treasury yields and various on-chain "yield products," and honestly, it makes me a bit uncomfortable. To put it plainly, the easiest thing to create on-chain with RWA is a "liquidity illusion": seeing deep pools with price curves and smooth trading, but when it comes to redeeming, the terms might specify T+N, limits, or even suspension windows... The slippage on-chain is not the main risk at all. After doing market making for a long time, I feel that the curve can smooth out trading friction, but it can't eliminate the redemption barriers from the real world. Anyway, when I look at these pools now, my first concern isn't the APR, but who promises to redeem, how they execute it, and whether you can get out in the worst case. Take it slow, stir it well, then take a bite.