Actually, everyone understands that once RWA is on the chain, it's easy to be dazzled by the words "on-chain liquidity": seeing the pool deep and quotes smooth, only to find when redeeming that you're stuck in the terms—T+ several days, limits, whitelists, or even "suspension under special circumstances." In plain terms, liquidity is conditional.

My current approach is quite simple: first review the redemption terms and the custody/settlement pathways, then see if the market-making relies on incentives built up; otherwise, no matter how attractive the fee rates are, I wouldn't dare to jump in.
Recently, the community has been arguing over the compliance line for privacy coins/mixing coins, but I’m even more cautious: as compliance tightens, who really decides whether RWA can "cash out"... Anyway, I prefer to stay under the safety banner and not take reckless risks.