Recently, RWA on-chain discussions have been heating up, and everyone loves to say "on-chain liquidity has increased," but I always feel there's a bit of liquidity illusion... The order book looks quite lively, but when it comes to redemption, there are a bunch of terms: window periods, limits, T+ days, and even manual reviews. Frankly, whether you can smoothly get your money back is more important than whether buying and selling on-chain is smooth; don't be fooled by superficial depth, a large slippage is even more embarrassing.

And now the community is also arguing about the compliance boundaries of privacy coins/mixing coins, which can also affect RWA: once the underlying fund flow is closely monitored, redemption terms may become more and more "conservative." I personally prefer to first understand who bears the redemption responsibility, how to handle the worst-case scenario, and then decide whether to get involved—it's safer and easier to sleep at night.