In the past few days, I've seen a bunch of headlines like "RWA On-Chain = Unlocking Liquidity of Traditional Assets," and I can't help but laugh a little... The trading depth on-chain is often more like a liquidity illusion: it looks like you can buy and sell, but when it comes to redemption windows, lock-up periods, or who takes the risk, it instantly shifts from "asset" to "qualification ticket." To put it simply, the most critical part of RWA isn't the on-chain step itself, but whether you can actually get your cash back as agreed, and who makes the decision and how it's executed. Now, new L1/L2 projects are offering incentives to boost TVL, and veteran users complain about "mining, then selling," which feels quite similar: the numbers look good, but don't ask about the exit. I treat complexity as an enemy, so I’ll say this: first, understand the redemption terms clearly; no matter how pretty the narrative, it’s just background noise.