Recently, I've seen a bunch of claims like "RWA on-chain = stable," and I want to pour some cold water on that... The liquidity layer on the chain often looks like "it seems sellable," but when large redemptions actually happen, you still have to consider how to handle the off-chain assets, who will take over, and how long it will take. To put it simply, the most important thing isn't whether you can just swap on a DEX, but what the redemption terms say: the window period, limits, suspension conditions, priority, and even who has the authority to change the rules.

This is somewhat similar to the recent attention shifts caused by meme/celebrity calls: when the market is hot, everyone thinks they can run at any moment; when it cools down, they realize the exit is actually very narrow... Veteran players advise newcomers not to take the last step, and I think this also applies to RWA, just replacing "don't treat redemptions as instant settlement."

Now, when I look at RWA projects, I prefer to focus less on yields and more on the terms and the details of custody/audits. Even if it’s slower, I’m willing to wait and see.