Recently, RWA on the chain has been talked about again, and honestly, many "liquidity" looks quite lively, but it's actually an illusion created by matchmaking: buyers are interested in narratives, market makers are subsidizing, and when it comes time for you to redeem, the terms are what really matter. Don’t just look at how deep the on-chain pools are; first check the redemption window, lock-up periods, who can redeem first, whether in a run on the bank they are based on net asset value or some discount, and even who makes the final call on custody/settlement... If these aren’t clarified, no matter how smooth the chain looks, it’s just a shell. The turning point is: I’m not against RWA either; those who can clearly explain "can it be redeemed, how to redeem, how long it takes" are actually more reliable than a bunch of testnet points. Right now, everyone is guessing whether the mainnet will issue tokens or whether points can be converted into cash, which is quite like treating redemption rights as a lottery... Anyway, before I make a move, I first check the redemption terms—don’t end up realizing you bought a "tradeable promise," not an asset.