Recently, I've been seeing a bunch of RWA on-chain projects hyping up "on-chain liquidity," but honestly, a lot of it is just treating "tradeable" as "redeemable." The order book looks pretty lively, but when it comes to actually exiting, they throw out a bunch of redemption clauses: T+N, limits, thresholds, pauses at any time... and you still have to bear various costs yourself. After being educated by mainnet Gas for so long, my first question now is: who am I selling to, how do I get the real-world money back, in the worst case how long does it take, and who makes the final call? For vague terms, I’d rather treat it as a locked position with a DEX shell. By the way, it’s pretty funny to see Layer2 projects arguing over TPS/fees/subsidies these days—no matter how low the costs, they can't fix the illusion of "liquidity that can't be smoothly redeemed." That’s all for now, save some energy.