These days, I've come across a bunch of projects that have RWA on the chain, and the liquidity on the interface looks quite lively, but I always feel a bit of a "illusion": the on-chain buying and selling are not really the same as redeeming real assets. To put it simply, the key is how the redemption terms are written, who can redeem, T+ days, and whether it can be paused in extreme situations... If you don't understand these clearly, even if the price is stable, it still feels like walking on cotton.

I'm just someone who loves paying attention to details. Recently, during the airdrop season, all kinds of task platforms are doing anti-witch hunts, and the points system is being pushed like clocking in at work, so people are even less interested in reading the terms. Anyway, when I look at RWA now, I first clarify the redemption path and the responsibility boundaries of the bridge/escrow layers, and then talk about "on-chain verifiability." Otherwise, on the day of withdrawal, you'll realize you're buying an "IOU that can't be exchanged back at any time," and that would be awkward.