Lately, discussions about RWA on the blockchain have been quite heated, but I always feel that a lot of the liquidity is “just for show.” On-chain pools look deep, but when it actually comes time to redeem, there are a bunch of terms and thresholds—T+N, limits, suspensions, compliance reviews, and even the underlying asset disposal cycle. In the end, what you can sell is only your emotions. To put it plainly, the redemption terms are the real risk-control model for this. If you don’t lay out the worst-case scenario, that on-chain TVL is just for show.

That kind of inflation + studio wash + coin price spiral in blockchain games is actually quite similar to a warning: when “able to exit at any time” becomes a slogan, the system starts to put on a performance. The same goes for RWA—don’t just focus on minting and placing orders. You need to look at who is on the hook as the backstop, when they’ll pay you, and what they’ll say when they can’t.

What I fear most isn’t losing money—it’s realizing that what I bought is a “redeemable illusion,” stuck at both ends of the bridge, unable to get in or out. Either way, before I make a move, I’m going to review the redemption rules and the suspension conditions first—it’s more solid than just looking at the K线.