Recently, I've come across a bunch of announcements about RWA being on the blockchain. To put it simply, I just want to ask: when it’s time to redeem, does the terms say “redeemable at any time” or “we will do our best”... It looks lively in terms of liquidity on the chain, but often it’s more like a liquidity illusion; having trades in the pool doesn’t mean you can sell at that price, let alone withdraw to a bank account.

Especially when the market jitters, the small print about redemption windows, limits, KYC, and delayed settlements start to shine. Hardware wallets are still out of stock, phishing links are rampant, and everyone’s security awareness has improved, but I still think we should be more cautious about projects that look very stable—so stable that you’re too lazy to read the terms carefully. Anyway, my current habit is: first check the redemption conditions, then look at custody/audits, and finally see how lively the chain is... It’s a bit depressing, but at least it’s better than pretending to understand after the fact.