Lately, I've been feeling more and more uncomfortable watching RWA on the chain: the liquidity on the market looks pretty "decent," orders are also dense, but when it comes to redemption, the terms flip... all kinds of windows periods, reviews, limits, even "delays in case of abnormal situations," honestly, you think you're holding on-chain assets, but it turns out you're just holding a queue number. The mempool is lively, flipping assets back and forth like scrolling through social media, and when the hype rises, I also get impulsive and chase a couple of trades, only to be sobered by the phrase "redemption may not be successful." Recently, the stacking yield from that pledge set has been criticized as a copycat, but I can empathize: no matter how high the returns pile up, if the underlying payout path isn't clear, it makes you nervous. I set a rule for myself: when I see the words "liquidity," I first think about how to exit; if I can't figure it out, I just pretend it has no liquidity... for now.