Lately, I've been seeing more projects on RWA going on-chain, and I increasingly feel that the so-called "liquidity" on the chain is often an illusion: the pools show depth, and routing can be very elegant, but when it comes to redeeming, there are a bunch of clauses like "window period / quota / delay / rejection," which essentially hide the most critical exit paths off-chain. To put it simply, I can analyze the transaction path layer by layer, but the redemption path is most easily obscured with a phrase like "subject to actual conditions."

These days, I also see new L1/L2 projects offering incentives to pull TVL, and veteran users complain about mining, farming, and selling. I actually understand... Incentives temporarily boost the apparent size, but once everyone wants to withdraw at the same time, real liquidity starts to reveal itself. If RWA redemptions aren't strict enough, in the end, it's just "can buy but can't leave," and no matter how many LPs are on-chain, it’s useless.

Anyway, my current habit is: treat redemption clauses as part of the transaction routing, considering how to exit in the worst case, how long it takes, and who has the final say; if I can't see clearly, I assume liquidity = 0. Long-term, this isn't about talent, but a conditioned reflex formed after repeated education. That's how I’ll proceed for now.