These days, I've seen a bunch of RWA on-chain projects hyping "liquidity." My first reaction isn't to look at TVL, but to check the redemption terms: who can redeem, when can they redeem, and at what price. When faced with freezing or delayed liquidations, a simple "subject to actual conditions" just dismisses the issue. The on-chain trading depth is often an illusion; when it comes to converting on-chain assets to cash off-chain, speed and priority are written in fine print.

My mom also asked me: Isn't that just like buying a fund, where you can redeem anytime? I could only say... it depends on the terms, don’t just look at the "redeemable" label on the page.
Additionally, recently there’s been a lot of noise about interpreting ETF capital flows, US stock risk appetite, and crypto prices together, but honestly, no matter how hot the macro sentiment is, if the redemption window tightens, it can still trap you. First, check permissions, then the logic, and finally the story.