Recently, I saw a bunch of projects on RWA (Real World Asset) blockchain claiming "on-chain liquidity," and honestly, I find it hard to buy into… The on-chain trading volume often looks like a visual effect created by lights; when it comes to redemption, the terms flip open: lock-up periods, limits, who has the final interpretive authority, and sometimes even require offline verification of a bunch of materials. First look at permissions, then look at the narrative; otherwise, it's just treating "tradeable" as "redeemable." My colleague was quite excited and said, isn't this just bringing traditional assets onto the chain? I could only reply: it's easy to bring them on, but the real test is bringing them back. By the way, recently, modular/DA layer narrative developers are having a blast, while users are completely confused. It’s actually similar to this—no matter how beautiful the underlying explanation is, in the end, it all comes down to whether I can exit smoothly in plain language.