Recently, there has been a lot of discussion about RWA being on the chain, saying "bringing real assets on chain immediately provides liquidity." Basically, the buying volume on the chain is often just a bright display, making it look deep, but in reality, stepping into it still feels like a water pit. The real danger lies in the redemption clauses: you think you can exchange it back at any time, but it’s written with T+N, window periods, or even "pause in case of special circumstances," and only when you need the money urgently do you find the door is locked from the outside.

In some regions, taxes are increased, compliance tightens and loosens, and everyone’s expectations for inflows and outflows fluctuate wildly. Yesterday, they still called it a "positive signal," but today, people are asking "can I exit smoothly?" I no longer believe in the pretty words of "liquidity on the chain." Anyway, first look at the terms, then the story, don’t treat emotions as assets.