Someone asked me whether RWA on the chain is really profitable or not... I'll say that my biggest fear isn't "on-chain displayed returns," but the illusion of liquidity. Seeing on the page that you can buy and sell at any time, only to find at the moment of redemption that the terms are written like a maze: window periods, limits, T+N, and even "can be paused in extreme cases," essentially you're holding a ticket that might require queuing. Recently, new L1/L2 projects have started offering incentives to pull TVL, and I can understand old users complaining about mining, selling, and profit-taking; a good-looking number doesn't mean you can exit with dignity. Anyway, my first look at RWA now is to review the redemption, custody, and liquidation processes—I'd rather earn a little less than save that small fee to buy into risk.