The more projects on RWA are being tokenized recently, the more I feel that "liquidity" is pretty much an illusion: the pools show deep liquidity, seeming like you can enter and exit anytime, but when it comes to redemption, the terms flip—T+ several days, quota limits, or even manual review... Basically, what you're buying is a "queueing right." I admit I’m a bit envious of those who could get better redemption windows early on; most retail investors can only take over from each other in the secondary market, and the psychological gap is quite real.

What’s more annoying is that the order/MEV system is still in place, miners/validators are making good money, while retail investors are left confused: RWA claims to be stable, but the old issues in trading remain—slippage protection is too tight, making transactions impossible; loosen it a bit, and it’s easy to get drained. Anyway, when I look at these kinds of assets now, I first focus on the redemption terms and "who can redeem first," then decide whether to get involved, to avoid being quick but feeling guilty.