Recently looking at a bunch of RWA on-chain projects, it's quite lively, but I always feel like a lot of the "liquidity" is kind of like lights shining through. Being able to trade on the chain doesn't mean you can smoothly redeem; when it comes to exiting, you're often stuck at the redemption window, limits, delayed settlements, and there's even that small print saying "can be paused in extreme cases."

When I review these kinds of contracts, my first focus is always on permissions: who can disable redemptions, who can modify the terms, who can move assets. No matter how elegant the logic is, if the redemption clauses are vague, it's like a medical report saying "recommend follow-up"—you have no confidence.

These days, everyone is also talking about staking unlocks, token unlock schedules, and the anxiety over selling pressure bouncing back and forth. I think the same set of emotions can also be projected onto RWA: on-chain shows a very deep pool, looking reassuring, but the real stress test is whether "the redemption day can be completed according to the rules." Anyway, I personally avoid those with unclear redemption paths. That's all for now.