These days, I've come across a bunch of RWA on-chain projects. The liquidity on the page looks quite lively, but I always subconsciously check the redemption terms: is it really T+0 and you can withdraw, or is it "window period/queue/limit," or even temporary suspension, all written quite vaguely. To put it simply, those on-chain transactions sometimes feel more like a liquidity illusion; when it’s time to exit, you realize the door isn’t as open as it seems.

Recently, everyone’s been talking about staking unlocks, token unlock schedules, and the selling pressure anxiety. I actually think it’s similar to RWA: on the surface, it’s tradable, but the real key is “when can I sell, and how much can I sell.” If you’re also watching these kinds of assets, don’t just look at TVL and yields—first, treat the redemption rules as the main storyline and finish reading it before you sleep.