Recently, I saw a bunch of projects on RWA (Real-World Assets) going on-chain shouting "deep liquidity, buy and sell anytime," and I couldn't help but laugh... On-chain, it looks like there's plenty of liquidity, but when it comes to redemption, the terms are written just like hot sauce in a taco: usually tasty, but when it hits you, you realize "queue required / window needed / delays possible." I thought going on-chain meant more freedom, but the most critical step still follows the offline rhythm—it's just that the buttons have been moved to the front end. Plus, with the recent main public chain upgrades and everyone guessing whether they'll migrate, in reality, when the underlying layer shakes, the first to get nervous are these assets that look "stable." Redemption terms are the moat, and they're also a trap. Anyway, I now look at RWA first by checking the redemption process, then by examining liquidity charts—don't be fooled by the surface ingredients.