Recently, I saw a bunch of charts comparing RWA, US bond yields, and on-chain yield products, as if you could redeem at any time with just a click... What I’m actually more worried about is the "liquidity illusion." On-chain, it looks like there are pools and quotes, but when the storm hits, the redemption clause is just "t+N / window period / can be paused," and you can only wait.

Last night, I casually looked at a contract for an RWA project, and next to redeem() on 0x7c…a91e, it says settlement can be delayed, and there's a pause switch left. Basically, on-chain bookkeeping is just more transparent; it doesn’t mean the assets themselves are easier to sell. Anyway, I still stick to my old habits—small positions for observation, don’t rush into dollar-cost averaging, only engage when I understand the terms. That’s it for now.