Recently, watching the on-chain RWA wave, everyone is saying "cash flow is stable," but what I’m really paying attention to are the redemption clauses: when you truly want to exit, is it T+几? Is there a limit? When faced with risk control, is it just a phrase like "pause redemption" that leaves you hanging for half a month?

The liquidity on the chain often looks like a staged photo; the pool seems quite full, but when a large redemption happens, it’s exposed. Once the liquidation waterfall starts, I’ll be up all night again.

And now cross-chain bridges are being hacked, or oracles report outrageous prices, and everyone starts "waiting for confirmation" to pretend to be cautious. Honestly, they’re just afraid of taking the blame.
For RWA, it’s better to assume the worst: what’s displayed on-chain isn’t what you can actually take out; the terms written are what matter.
Anyway, I’d rather earn less now than hold onto a "redeemable" as a placebo.