Recently, I've been looking at a bunch of projects on RWA (Real-World Asset) on the blockchain, and the liquidity on the pages looks quite lively, but I always feel there's a bit of a "liquidity illusion"—to put it simply, whether you can get your money back still depends on the small print of the redemption terms. T+X days, quota limits, pausing redemptions during market volatility... When you click to redeem on the chain, you'll just keep refreshing/retrying/queuing, and your mindset will directly collapse.

On-chain transparency is transparency, but once the off-chain assets get stuck, you can't rely on "decentralization" to force the door open. Plus, recently everyone has been complaining about miner/validator income, MEV, fairness in ordering, and the feeling of transactions being front-run—it's quite similar to queuing for redemptions: the rules are there, but you'll always be the last to know your position in line. Anyway, I now prefer to earn a little less and first understand the redemption pathways and permissions clearly, not dreaming of getting rich overnight, and not losing my coins first.