Recently, I keep running into “RWA on-chain.” Put simply, it’s wrapping real-world assets into on-chain notes. The pool’s liquidity looks pretty full, and once you get a sudden urge, you want to rush in—but the more you look at the redemption terms, the more it feels like this: you think you can withdraw at any time, but in reality you have to queue, there are set windows, and it could even be “special circumstances for suspension”... isn’t this just a liquidity mirage?

It reminds me of the whole “blockchain game economy collapse” that was going around earlier: once inflation kicks off, studios flood in, then the coin prices spiral down. In the end, everyone wants to run, but nobody can get away. Anyway, now whenever I see the words “redeemable at any time,” I immediately flip to the small print at the bottom—after reading it, I feel like laughing, but also a bit angry.