Recently, I've been looking at some RWA on-chain pools again, and the liquidity on the page looks quite full, but I keep having doubts in my mind: Are you buying "tradeable" or "redeemable"? To put it simply, many products can be transferred secondarily, but that doesn't mean you can withdraw at any time. The real bottleneck is often the redemption terms: T+X days, queuing, limits, or even a bunch of trigger conditions. When the market fluctuates, everyone hits redeem at once, and the liquidity illusion is exposed.

By the way, this also makes me think of the recent social mining and fan token schemes—"attention is mining." It's lively, but attention itself doesn't equal an exit channel... Now, whenever I see high APY, I first ask: how much is subsidized, who bears the risk, and where is the lock-up period. Anyway, don’t be fooled by the "anytime deposit and withdrawal" on the interface; those small lines are the real key.