Recently, looking at RWA on-chain feels more and more like watching a “liquidity illusion”: the numbers on the interface are quite smooth, but only at the moment of redemption do you realize the boundaries are drawn in the terms.

In the past, I would comfort myself by looking at on-chain trading volume; now I prefer to first draw a small diagram of the redemption window, minimum redemption amount, who will do the liquidation, whether it can be paused when encountering risk control—can it be closed, and instantly see which parts are empty.
New L1/L2 are also issuing incentives to attract TVL, and I can understand everyone’s complaints about “mining, proposing, selling”—to put it simply, liquidity is often subsidized, and once the subsidies are withdrawn, the truth is exposed.
What’s more dangerous about RWA is that you may not be able to withdraw even if you want to…
Anyway, I now prefer to go slower; if the terms are unclear, I’ll just pretend there’s no liquidity.