I tried once, exchanging a small amount of money for a share that claims to be "RWA on the chain." It looked pretty lively on the blockchain: TVL was there, transactions were happening, but after watching for a few days, I noticed the liquidity seemed a bit staged—buy and sell orders were thin, and most of the trades were just people trading among themselves. What's more concerning is the redemption terms, which, to put it plainly, are not "redeemable at any time," but "queue up after meeting a bunch of conditions," and it could even be paused. The on-chain asset proof looks reassuring, but when it comes to exiting, you realize who’s really controlling the switch.

Recently, I also saw cross-chain bridge hacks and oracle price anomalies, and everyone just says "wait for confirmation." I suddenly think this consensus is pretty honest: no matter how you package the assets, on-chain is just display; the actual redemption depends on the rules and enforcement. Anyway, when I look at RWA now, I first check how strict the redemption process is, then see if the real income can cover costs. TVL is actually secondary.