Recently looking at the "liquidity" on RWA chains, honestly, it often feels like an illusion: on-chain, there’s TVL and pools, but when you want to redeem, there are a bunch of thresholds—T+ days, limits, or even pauses due to risk control... You think you can withdraw anytime, but actually you're just waiting in line for approval. Anyway, now whenever I see "high liquidity," I first check the redemption rules and the underlying custody/settlement processes, otherwise it’s just like new L1/L2 incentives to attract TVL—ultimately, old users complain about mining, selling, and dumping. It’s lively, but the real risk is in the terms. Risk control is prioritized; don’t be fooled by the dashboard.