Recently, I’ve been reviewing projects that have tokenized RWA (Real World Assets), and my biggest impression is that the liquidity is a bit of an "illusion": the on-chain pools look deep, but when it comes to redemption, once you flip the terms, there are a bunch of restrictions like lock-up periods, limits, and queuing order, instantly turning "withdraw anytime" into "wait for notification." Basically, what you buy isn’t cash flow, but a conditional promise. Retail investors are still complaining that validators are getting greedier, MEV extraction is fierce, and the ordering is unfair; the same goes for RWA projects—rules are written into the contract, and you can only accept them. Anyway, before I make a move now, I pay more attention to the redemption terms than to the APR.