These days I've been looking at RWA on-chain projects again, and the more I look, the more it seems like buying a "liquidity illusion": the chain shows it as ready to sell at any time, but when it comes to redemption, the fine print is denser than my bank contract... T+N, lock-up periods, limits, suspension clauses—basically, when you want to leave, they might not let you.

And now, the set of "yield stacking" through pledge/sharing security is being criticized as a copycat scheme. I actually envy others for being able to stack risks with such confidence (I just love watching others make money, then get itchy hands). But let’s be cool—what’s most dangerous about RWA might not be price volatility, but the fact that you think you’re holding on-chain assets, when in fact you’re holding a ticket that says "redeem upon notification." Anyway, I’ll take a screenshot of the redemption clause and save it as a note, so I don’t click confirm next time and pretend I didn’t see it.