Just finished reviewing RWA project materials until my eyes hurt; the more I looked, the more it felt like browsing a "liquidity museum"… A bunch of tokens are listed on the chain, looking like they can be sold at any time. To put it simply, liquidity is often created artificially. The real key is when you want to redeem: who will buy it from you? At what price? T+ how many days? Can it be paused in case of risk control/regulation/"market anomalies"? These terms are usually hidden in the fine print.

Now, whenever I see "flexible deposit and withdrawal" or "stable returns," I reflexively look for redemption thresholds and pause rights, especially who holds the authority and whether the rules can be upgraded or changed. Recently, the staking/sharing security model has been criticized as a "pyramid scheme," and I somewhat agree: the returns look lively, but if the underlying cash flow and exit paths are fake, stacking more layers only makes it harder to unwind. Anyway, I’d rather earn less and first understand the redemption terms clearly.