These days, I've been looking at projects on RWA (Real World Asset) on the blockchain, and the "liquidity" on chain looks quite light and agile, like prices can change with just a breeze. But when it comes to redemption, the terms suddenly become heavy: T+ several days, windows, limits, or even waiting for offline asset settlement... To put it simply, being able to sell doesn't mean you can cash out.

Recently, there's been talk about increasing taxes and tightening compliance in certain regions, then loosening again. It feels like everyone's expectations for deposits and withdrawals are shifting accordingly. When on-chain transactions are lively, people tend to assume "withdrawals are always possible," but the real fear is being reminded by the rules at the moment of redemption: what you bought isn't liquidity, but a queue number.

I'm most afraid not of losing money, but of thinking I can leave anytime only to find out the exit is already marked with opening hours. For now, I'll keep doing this—continue being an on-chain weather forecaster.