These days, I've been listening to everyone talk about RWA on the chain. Frankly, what I care most about is "how exactly does the redemption process work." On the blockchain, it looks like there are a bunch of pools and the trading activity is quite lively, but if I really treat it as liquidity that can be withdrawn at any time, I have some doubts: those terms like T+N, lock-up periods, quotas, who has the final interpretive authority... as they pile up, it easily turns into a "liquidity illusion," smooth on the screen but possibly requiring queues in reality.

And now, attention has shifted to memes and celebrity calls, with veteran players advising newcomers not to take the last step. I feel a bit guilty listening to that... Anyway, I still stick to my approach: less action, more observation, and only understand the redemption rules if I can.

I see simplicity as a trap: the more it "looks like a deposit/withdrawal at will," the more I should assume I can't withdraw it easily. Let's start with that.