These days I've been looking at RWA on the chain again, and the more I look, the more I feel that "liquidity" is a bit like a filter: on-chain it looks like you can sell at any time, but when it comes to redemption, you realize the terms are as convoluted as a tongue twister—window periods, limits, T+N, and even the possibility of suspension... Frankly, being able to trade on the secondary market does not mean the underlying assets can be smoothly redeemed; don’t treat the price curve as an ATM. A colleague also asked me, "Isn't this just like stablecoins?" I can only say that understanding who is backing the guarantee and how to redeem is more important than looking at APY. By the way, hardware wallets have been out of stock lately, and phishing links are everywhere. It feels like everyone's security awareness has been passively heightened... Anyway, for new projects, I first draw a redemption flowchart; if it doesn’t look right, I just give up.