Recently, more and more projects are getting on-chain RWA. To be honest, what I worry about most is that "liquidity looks very attractive." On-chain prices and LP depth can be manipulated, but the real stress test is redemption: T+ how many? Are there gates? Can withdrawals be paused during a run? If these terms are not clearly stated, it feels like setting a trap for yourself with a sudden interest rate spike.

And these days, large on-chain transfers and movements of exchange hot and cold wallets are often seen as smart money… I also click to check, but mostly as an emotional indicator, not to jump to conclusions that "funds are about to enter." If I really deal with RWA, I’d rather earn less and first figure out the redemption process and liquidation lines clearly. Last night, I tried to redeem, but the page kept refreshing and retrying, and after waiting in line for a long time with no progress, that uneasy feeling immediately kicked in… Anyway, I’ll be cautious for now.