Just finished revoking permissions for a few wallets and took a quick look at the hot RWA on-chain projects lately. The more I look, the more it seems like a "liquidity showcase": being able to buy and sell on-chain doesn't mean you can really redeem, the key points are those small lines of fine print—who can redeem, how long it takes, what to do if there's risk control or trading halts. To put it simply, what you get on-chain is a certificate, not bringing the building and the notes onto the chain. Some people still use on-chain data tools' labels as "endorsement," but the fact that labels are lagging behind or even misleading is quite realistic... I’ll first read the redemption terms carefully before deciding whether to get involved, better to take it slow.