Honestly, recently I've been seeing a bunch of RWA on-chain promotions for "on-chain government bonds/rent/notes," and my first reaction isn't about returns, but about how redemption is written. Many liquidity pools look quite attractive, but in reality, it's "can buy but not necessarily sell at any time," with the on-chain just being the face value, and the real cash flow happening off-chain. The restrictions on redemption windows, queuing, and suspension clauses expose their true nature when volatility hits.

And then there are those new L1/L2 projects that offer incentives to attract TVL. It's lively, but veteran users complain that "mining and selling" isn't unjustified: half of the liquidity is built through subsidies. Once the subsidies are gone, the order book thins out. Anyway, when I look at RWA now, I first ask myself: when I want to redeem, how long am I willing to wait to get my money? I’m not sure if I’m missing an opportunity, but at least I won’t take "seems to be redeemable at any time" as the default setting. Just survive first.