I'm currently quite skeptical about the saying "RWA on-chain = stable on-chain income." It's not that it can't work, but often the liquidity looks lively, only to realize it's an illusion when you actually want to redeem.

To put it simply, the depth on the chain is mostly secondary trading; whether the underlying assets can be redeemed promptly according to the terms is a different matter. Redemption windows, T+N, limits, who goes first, whether it can be paused in extreme situations—these clauses are much more important than the APY numbers. Recently, I've also seen people compare RWA, U.S. Treasury yields, and various on-chain "fixed income" products together, but it feels like comparing depth in the order book to bank deposits—there's a bit of a mismatch in perspective.

Before placing an order, I always check the depth and slippage first. For RWA, it's even more important to look at the "exit route": being able to sell on the secondary market is your skill, but if you go through redemption, how long will it take, and will it be gatekept? Think it through carefully first. Better to miss out than end up as a liquidity donor in the end.