Recently, I've been looking at a bunch of RWA on-chain projects, and the "liquidity" written on their pages sounds pretty lively. But when you click on the redemption terms, it starts to get complicated: T+ days, window periods, quota limits, and the possibility of suspension in "special circumstances"... Basically, what you buy might not be assets that can be redeemed at any time, but more like depositing money into a window that could be shut at any moment. It’s like stocks but also like fixed-term financial products, but the worst part is you think you're holding the former.

Some people also use RWA as a new narrative to match Meme/celebrity attention, and when the hype comes, they rush in. Veteran players advise newcomers not to take the last step, and I really agree with that. Anyway, I’m now mainly watching how the team handles redemption pressure testing. If they haven't explained it clearly, I’ll pass even if it’s cheap.