Recently, the narrative of RWA being on the chain feels a bit like "liquidity filters turned all the way up"... The on-chain depth looks quite lively, but when it comes to redemption, you realize the terms are full of small print like "T+X," "window period," "early redemption penalty," etc. Basically, you're buying a locked IOU, and it might not be redeemable at any time.

Yesterday, I casually checked a certain RWA pool, and the LP only had two or three million, with an 80k USDC swap spread starting to fluctuate, and there are still people waiting with a 0.3% slippage to get squeezed—I feel for them.
Additionally, before and after the main public chain upgrades/maintenance, everyone is guessing whether projects will migrate. My feeling is: whether the chain can run is one thing, but whether RWA can "operate according to the terms" is a more insidious trap... Anyway, I’d rather earn less now and first understand the redemption path and worst-case scenario, so that when the on-chain price is booming, and the off-chain door is closed, it won’t be awkward.