Recently, I’ve been getting a bit carried away by on-chain projects related to RWA. The interface makes the liquidity look pretty hefty—like once a pool goes live, anyone can exit anytime… But when I dig into the terms, I realize redemption windows, queues, minimum redemption amounts, and even cases where “special circumstances” can delay things are all in there. In plain terms, that on-chain liquidity often just means “you can trade,” not “you can redeem and get your money back.”

What I do now is first check: who custodies the underlying assets, who processes the redemptions, what T+ number it uses, whether there’s a right to suspend operations—if it isn’t clearly stated, I’m not really willing to touch even a high APY.

By the way, lately everyone’s been speculating whether that major public chain will migrate before and after its upgrade. I’m actually more concerned about this: if the chain has issues, do the redemption terms just effectively hit the “pause” button for you? Anyway, I’ll slow down for now—don’t let superficial liquidity depth fool you.