Recently looking at a bunch of RWA on-chain projects, the liquidity on the page looks quite lively, but when you actually want to redeem, you realize it's like an air wall... To put it simply, the on-chain layer is just "trading," the core lies in the redemption clauses, window periods, limits, and even "refusability" of the underlying assets. Many people focus on how deep the pool is, but I prefer to look at the fine print: T+ how many? Who handles the redemption? In case of a run, what is the order of priority? Otherwise, it's just a liquidity illusion; being able to sell doesn't mean you can redeem.

Recently, Meme + celebrity shoutouts are also creating momentum, attention shifts too quickly, newcomers really shouldn't take the last step. RWA is more like a slow-paced process, don’t be fooled by the words “on-chain,” first figure out the redemption path clearly... I’m just observing for now, willing to miss the hype.