Recently, I've seen a bunch of RWA on-chain projects showing off TVL, saying "institutional funds are coming in."

I'm actually a bit cautious: on the chain, it looks very "liquid," but when it comes to redemption, there are a bunch of clauses like windows, limits, T+N, or even "can be delayed in special circumstances."
Honestly, liquidity is more of an illusion.
If I really look into it, I’d first check the redemption clauses and the cash flow on the asset side—whether the fees can cover operations and whether the reserves can withstand a wave of volatility.
Memes are too focused on attention shifts—when a celebrity shouts, newcomers rush in, but the last leg is usually hard to handle;
RWA shouldn’t be carried away by the hype either—cold, hard clauses are the foundation.
Next time, let’s talk more.