These days, I've been looking at the pools on RWA blockchain, and on the surface, the depth looks quite good, with orders layered one after another, but I always feel like a school of fish beneath the ice: you think there are many, but a sudden shock scatters them all. To put it plainly, the key isn't "how much liquidity is on the chain," but rather how the redemption terms are written, how long it takes to redeem, and whether risk control can block you at a critical moment... Without paying attention to these details, all the excitement is just an illusion.

By the way, recently some people have been watching large on-chain transfers and unusual activity in exchange hot and cold wallets as signals of "smart money." I actually prefer to compare: can these inflows truly reach the redemption endpoint and close the loop? If not, it's just inflating the on-paper liquidity to boost sentiment. Anyway, I now prefer to take it slow and first understand the terms clearly.