Recently, I've seen a bunch of RWA on-chain projects boasting about "depth" and "liquidity." My first reaction is: don't be fooled by the order book; on-chain transfer ≠ you can redeem anytime. Frankly, what really traps you are the redemption terms: T+ days, window periods, minimum amounts, direct suspension when encountering risk control... These words are tiny like ants, but they are the core. Some people even use on-chain data tool screenshots as endorsements, but the tagging system can be delayed or even misleading. When I see "institutional addresses," I immediately question it. A bit of safety obsession: first understand the contract/redemption mechanism clearly, then talk about the on-chain significance. What I don't regret is that I prefer to miss the hype rather than touch a redemption path I can't explain clearly.