Regarding RWA on the chain, everyone actually understands: seeing "tradeable" makes you think liquidity is there, but when it comes to redeeming, the terms are the real switch. I recently looked through several project descriptions, and the more I read, the more it resembles a milk tea shop's order number—holding the number doesn't mean you'll get it immediately; you have to wait for stock, queue, and it might even be "sold out today"... To put it plainly, the depth on the chain is sometimes just a secondary market exchanging hands for fun.

My current approach is pretty simple: first ask myself, "If I want to exit this position tomorrow, can I do it?" then look for the redemption window, cycle time, who can pause it, and how to queue during a run on liquidity. In blockchain games, when inflation kicks in, studios enter the scene, and token prices spiral, everyone quickly shifts from "liquidity is really good" to "everyone wants to run," and after seeing this many times, I dare not take redemption for granted. Anyway, I don’t hold a heavy position, so I sleep more peacefully.