Recently, I've been looking into so-called RWA on the chain, and the biggest issue isn't whether the assets are genuine or not, but that the liquidity is almost illusory: secondary pools are extremely thin, and trades rely on just a few transactions; once everyone tries to redeem at the same time, the clause that says "delay/partial/pause" starts to take effect. To put it plainly, what you get is an IOU with gates. Don't be comforted by the words "on-chain verifiable," on-chain is just the proof running; whether cash flows can be returned on time depends on the redemption window, liquidation priority, and who has the authority to change the rules. Recently, Meme/celebrity attention shifts quickly with calls for focus, and newcomers are most likely to take the last baton. I only watch permissions and fund flows; if I see upgradeable contracts + vague redemption clauses, I treat them as high risk. First, revoke the authorization of related contracts, and record the address and the person with change permissions.