RWA on-chain sounds pretty impressive—real estate, government bonds, and all kinds of things can be tokenized and invested in. But if liquidity isn’t handled well, it can be an illusion. Look at those pools with depth that’s painfully shallow: just a little slippage and the numbers get wildly inflated. And on top of that, redemption terms often hide a bunch of restrictions—lock-up periods, minimum amounts, and even having to wait for off-chain confirmations. In plain terms, it’s pretty much the same as the closed-end period in traditional funds, just wrapped in a DeFi shell. Only recently, after cross-chain bridges had incidents and oracle abnormal price quotes, did people start paying attention to “waiting for confirmation”—you think the trade happened on-chain, but settlement might get stuck for half a day. (Anyway, I’m cautious—I’ll reduce my position first and then study.)