Recently, I've been reading a bunch of governance posts about RWA on-chain projects, and the most popular topic everyone discusses is always "liquidity has increased," but I can't help but click on the redemption clauses every time... Honestly, the depth on-chain is often like a bright spotlight; if you really want to redeem, there are all kinds of windows, quotas, T+N, and you also have to look at the counterparty's face. On the surface, the tokens are running in the pool, but the underlying assets are actually locked in a cabinet, and the chain just has a label.

What's more awkward is that when the market shakes, everyone suddenly remembers "can I get my cash back," and then the governance group suddenly goes quiet, and the voting turnout drops too, which is quite real. I haven't forgotten the inflation + studio + coin price spiral in blockchain games; at first, it also looked like "liquidity is good," but in the end, it became whoever runs faster. Anyway, now whenever I see the words "redeem at any time," I subconsciously look for small print; if I can't find it, I just pretend it's not there. For now, that's how it is.