These days, I see everyone comparing RWA, government bond yields, and various on-chain "yield products"—it's quite lively, but my first reaction is: liquidity is taken for granted. Many RWAs look like they can be sold at any time on the chain, but in reality, redemption clauses can be awkward: T+ days, windows, limits, or even direct suspension in extreme cases... That bit of "transferability" on the chain is sometimes just an illusion.

When I look at these projects now, yields are actually secondary; I focus first on who can redeem, how to redeem, and who holds custody/permissions of the underlying assets. If multi-signature or permissions aren’t clearly explained, I just ignore it. To put it simply, the chain is just the entry point; where the exit is determines the key. Anyway, I prefer to confirm things more slowly before taking action—what about you?