These days, I've come across a bunch of RWA projects being on-chain again, and the liquidity on the page looks quite lively, but I always feel there's a bit of a "liquidity illusion"—being able to buy and sell on-chain doesn't mean you can redeem whenever you want; the key is in the terms that mention "window period / limits / suspension." Frankly, many people are buying into a narrative that looks very stable, but when it comes to stress testing, they start looking for the door handle. The group keeps reposting rumors about stablecoin regulation, reserve audits, and de-pegging, and my emotions are also tightening and loosening accordingly... Recently, I set a small practice for myself: before getting excited, I first check the redemption terms and custody structure, and don't slip up and chase the rally in a moment of excitement. For now, that's it—I'll take a couple of more looks at the flow of funds on-chain before bed.