Lately, the discussions about RWA on the blockchain have been quite lively, but I always feel that the word "liquidity" can be misleading. Being able to sell on-chain at any time doesn't mean you can redeem at any time, especially when facing redemption windows, queues, thresholds, or even underlying asset liquidation cycles. In plain terms, it's just taking the slow offline process and packaging it onto the chain as if it were fast.

When I look at these kinds of projects now, I tend to focus first on the redemption terms: who will redeem, how long it takes, whether they can pause in extreme situations, how fees are charged... These feel more real than APY or TVL. The same goes for modular setups—developers talk about the DAO layer enthusiastically, users are confused, and in the end, it all boils down to "who is responsible when things go wrong and whether you can get your money back."

Anyway, I’ll keep my nodes stable for now. I only dare to see RWA as low-frequency assets; if I really want to treat it as a cash substitute... I might need to think more. How do you judge whether redemption terms are reliable?