RWA on the chain, I've recently been paying more attention: many people focus on "liquidity on the chain," but frankly, that's the liquidity of the trading pairs, not the redemption liquidity of the assets themselves. When redemption terms are twisted (T+N, limits, pauses, whitelists, prior notice...), no matter how little slippage you pay in the pool, you might end up stuck with "unable to redeem." When I look at these projects now, I instead check the redemption rules and liquidation order first; if the sequence of who comes first and who comes later isn't clear, I treat it as a liquidity illusion.

Recently, the stacking of yields from pledge/sharing security has been criticized as "nested dolls," and I think it’s the same vibe: yields can stack, but risks can also stack—just with more elaborate terms. As for you saying "being able to sell on-chain at any time"… well, being able to sell doesn't mean you can redeem.