Honestly, I've been feeling a bit conflicted about on-chain RWA recently: the on-chain layer looks quite "liquid," pools open, prices move smoothly, but when it comes to redemption, there are all kinds of windows, limits, KYC requirements, pauses due to risk control... suddenly it shifts from "can sell anytime" to "waiting in line for notification." I'm not sure if I'm just being overly sensitive, but this kind of liquidity feels a bit like an illusion, more driven by emotions.

It reminds me of the recent collapse points in blockchain games: when inflation kicks in, studios rush in, and the coin price spirals out of control, only then do people realize that "being able to sell" and "actually selling out" are two different things. Anyway, now I look at RWA, I’ll first check the redemption clauses, then see who’s really holding that last bit of liquidity. Otherwise, I’ll just wait and observe, take a deep breath, and not rush.