Recently, I've been looking at a bunch of on-chain RWA projects, and their promotion always loves to talk about "liquidity" and "exit anytime." My first reaction is: are these truly on-chain assets, or just on-chain bookkeeping... Frankly, the redemption terms are the key. T+ how many? Is there a limit? When facing risk control, holidays, or counterparty issues, do they just pause first? If these aren't clearly stated, even if the TVL looks good, it still seems like a liquidity illusion.

Now, whenever a new L1/L2 launches incentives, it triggers a wave, and it's normal for veteran users to complain about "mining, then selling," after all, everyone has been fooled by the liquidity facade a few times. I personally don't think "long-term" is that grand; I’d say about a quarter: only if it can withstand the incentive downturn, and the redemption process remains smooth, can it truly be something you can repeatedly eat from in your lunchbox. Risks are still there—don't wait until you find out the exit button is just for show.