Recently, when looking at projects on RWA blockchain, I feel that the easiest thing to overlook isn't "how large the assets are," but rather how convoluted the redemption clauses are. The liquidity on the chain often feels like an illusion: the order book looks quite thick, but if someone actually wants to redeem en masse, they start queuing, offering discounts, or simply delaying settlement. In other words, it's just taking the traditional liquidity risk and giving it a more attractive UI. (Am I posting another boring picture again?)

These days, I also understand the criticism of the "compound yield" from staking/sharing security being a kind of "nested doll" scheme. I get it—everyone loves to see numbers stacking upward, but when redemption and unlocking happen simultaneously at the same time, the pressure is additive, not dispersed. Anyway, what I care more about now is: in the worst case, can I get my funds back as promised, how long will it take, and who will bear the risk... It's okay if it takes longer; I just don't want to find out later that I bought into an "illusion of exit rights."