Lately, the more I look at RWA on the chain, the more uncomfortable I feel. The platform seems pretty legit, with a lot of liquidity on the interface, but in reality, many of those are "visible but immovable." To put it simply, the key issue is the redemption terms: T+ how many days, limits, thresholds, or even situations where redemption is paused... These are not written into the candlestick charts, but if something really goes wrong, you'll see who’s hitting the brakes.

I do some small cross-DEX arbitrage, and what I fear most isn’t the lack of price differences, but thinking I can close the position, only to get stuck on redemption, with the on-chain price crashing first. Recently, Meme and celebrity shoutouts have diverted attention again, and newcomers tend to rush in impulsively. Veteran players say "don’t take the last baton" not to pretend to be steady, but because they’ve been through the pitfalls. Anyway, when I see RWA now, I first ask: in the worst case, how can I get my money back? If I can’t answer that, I just give up for now.