Recently looking at a bunch of RWA on-chain projects' order books, the apparent liquidity looks impressive, and the depth is also fully displayed, but I always feel there's a bit of a "liquidity illusion"—you think you can run at any time, but when it comes to redeeming, you realize the terms are more complicated than smart contracts: lock-up periods, queuing, discounts, even temporary suspensions... frankly, no matter how good the on-chain transaction quality is, it can't save the off-chain door that won't open.

It's a bit like the current NFT royalty debate—creators want to take more, secondary markets want smoother transactions, and in the end, everyone is arguing over how much "liquidity" is really worth. Anyway, when I look at RWA now, my first focus isn't on APR or who's backing it, but on checking the redemption terms—don't get fooled again by the word "seamless." Ultimately, it comes back to that saying: don't let the liquidity illusion be your risk control.