Recently, I came across a bunch of projects on RWA (Real-World Asset) on the blockchain, talking about it like a "new on-chain treasury," with liquidity looking quite full on the dashboard, but I always feel like it's a bit of an illusion: you think you can sell or redeem at any time, but the actual terms say T+N, queuing, limits, or even a pause... In other words, at critical moments, it might just be "don't rush, wait a bit." The macro environment is still arguing over rate cut expectations, and when the dollar index moves, risk assets shake together. If we really face days of simultaneous rise and fall, this on-chain packaging can't stop everyone from rushing for the exit. Anyway, I don't get excited when I see the words "redeemable" now; I first check the redemption terms and who is backing it. Even impulsive cats need to learn to hit the brakes.