I used to be pretty excited when I saw RWA on the blockchain, thinking that finally "real assets" could bring genuine liquidity; now the more I look, the more it seems like a liquidity illusion: the on-chain share is easy to sell, but when it comes to redemption, the terms flip—T+N, limits, halts, even "special cases can be delayed"—basically, it's still you waiting in line and them deciding. Don’t ask me why I’m so sensitive, the knife behind that APY is often hidden in the redemption process.

By the way, recently hardware wallets have been out of stock, phishing links are everywhere, and everyone is shouting about security while clicking faster than anyone else… Anyway, now I only dare to calculate my position in RWA based on the "worst-case redemption" scenario, figuring out whether I can get my principal back before making any plans.