Lately, people have been talking about putting RWA on-chain, and the TVL looks pretty decent—but to be blunt, a lot of it is liquidity that’s “marketable on paper.” When you actually want to redeem, the terms come with all kinds of window periods, limits, manual reviews, and even “the ability to pause if market conditions are poor,” which is pretty subtle. The on-chain layer is only for bookkeeping and making transfers easier—the “gates” for the underlying assets are still off-chain. By the way, let me complain a bit: nowadays, when you see a big transfer or a shift between exchange hot and cold wallets, people start interpreting it as “smart money.” But more often than not, it’s just risk control and settlement processes—don’t get too caught up in the narrative. Anyway, when it comes to RWA, I look first at the redemption terms, not the story-driven posters.