Recently, I looked at projects on RWA blockchain, and the on-paper liquidity seemed pretty good, but I backtested/simulated extreme redemption scenarios. To put it simply, many are just "visible order books," not "cash that can be withdrawn at any time." The redemption terms like T+N, window periods, quota limits, or even triggers for suspension of redemptions are usually unmanaged; when volatility hits, that little bit of on-chain liquidity instantly reverts to its original state.

There's also a detail: in some regions, tax increases, compliance tightening/loosening, people's expectations for deposits and withdrawals change immediately, and on-chain entities start testing for runs. The result is that the terms are more rigid than the code... I understand that compliance is necessary, but treating "tradeable" as "redeemable" is really naive. Anyway, right now, I don't focus on APY for RWA; I first check the redemption instructions. After reading them, I often feel a sinking feeling—forget it, for now, that's how it is.