Recently, looking at RWA on the chain increasingly feels like watching a "liquidity illusion": the numbers on the interface look quite smooth, but when it comes to redemption, you realize the boundaries are drawn in the terms.

In the past, I would comfort myself by looking at on-chain trading volume; now I prefer to first sketch out a small diagram of the redemption window, minimum redemption amount, who will do the liquidation, and whether it can be paused during risk control—can it be closed? You can tell at a glance which parts are empty.
The new L1/L2 are also offering incentives to attract TVL, and I understand the complaints about "mining, selling," because frankly, liquidity is often subsidized; once the subsidies stop, the truth comes out.
What's even more problematic with RWA is that you might not be able to withdraw even if you want to...
Anyway, I now prefer to take it slow; if the terms are unclear, I just pretend there's no liquidity.