Flushed with a bunch of on-chain RWA projects' "on-chain liquidity," honestly it looks lively, but when you want to exit, you realize it's an illusion: the pool depth isn't enough, slippage skyrockets as soon as liquidity is withdrawn, and in the end, you have to go back to the small print of the redemption terms. Especially those that say "T+N, quota, window period, redemption pause," no matter how gentle they sound, they are all gates.

Now I usually ask myself when I see this kind of thing: am I buying an on-chain asset, or am I just buying a "queue number"? With everyone obsessing over pledge unlocks/token unlock calendars these days, anxious selling pressure, I actually prefer to treat "whether I can redeem smoothly" as the top priority... The small savings on fees aren't enough to risk a redemption failure. I'll wait and see for a few days, and for now, don't cross bridges recklessly.