Recently, discussions about RWA on the blockchain have been quite heated, but I always feel like everyone is focusing too long on the "on-chain liquidity" section... Frankly, many times that's just a pretty number, not necessarily something you can redeem at any time. Redemption terms, lock-up periods, who guarantees the buyback, how to queue during a run—if these aren't clearly written, even the deepest pools on the chain might just be an illusion of liquidity. (Don't find out later that what you bought is "tradeable waiting.")

And now, with new L1/L2 incentives, TVL is being pulled up instantly. Old users complaining about "mining, dumping" I can really empathize with: the liquidity created by incentives is essentially the easiest part to run away with. RWA should be the other way around—first clarify the redemption and risk boundaries, then talk about scale. Otherwise, when sentiment shifts, prices can slide faster than on-chain data. Anyway, I personally focus on the terms first, then the hype; taking it slow is fine.