Sitting there on the on-chain pools of those "RWA on-chain" projects, the trading volume looks quite lively, but when you open the depth chart, it's as thin as paper... To put it simply, a lot of liquidity is just for show; when you actually want to redeem, you realize the terms are layered: T+ several days, quota limits, even "special cases can be delayed," and at that moment, it no longer feels like the "exit anytime" on the chain.

Recently, before and after the upgrade of that mainstream public chain, everyone has been guessing whether they'll move. I’d rather start with one question: will the redemption happen on-chain or off-chain? Switching routing on-chain can save slippage, but if the off-chain terms change, the savings from slippage are simply not enough for you to wait. Anyway, when I encounter this kind of situation now, I treat the redemption terms as the main contract and read it carefully, and I see the liquidity screenshots as advertisements.