You tell me that RWA on-chain is “more stable,” and my first reaction is: stable in what way? Is it stable because I can’t see the redemption terms…? Sometimes the little bit of liquidity on-chain is really like a fake line at the entrance of a scenic spot—there are lots of people, but when you actually want to withdraw, they’ll block you with a single line of “window period/quota/manual review.” To put it plainly: when buying, it’s one-click signing; when selling, you start reading the fine print, and your mindset instantly shifts from a travel guide into a survival manual. Didn’t people recently argue about how on-chain data tools and the tagging system are lagging behind, and even that they can be misleading? Now when I look at RWA, it feels about the same: the TVL looks great on the panel, but the truth may be hidden in the contract appendices. In any case, once I start messing around with projects like this, I’ll first make sure the redemption path is clear—otherwise, I won’t be able to laugh later.