Recently, a bunch of RWA on-chain projects are hyping liquidity, honestly many of them just "look like they can be sold," but when it comes to redemption, they start reciting terms: T+N, limits, window periods, even who sets the price... You think holding on-chain certificates means easy redemption, but in reality, redeeming is like waiting in line for service, and the mindset shifts directly from DeFi to a traditional counter. Anyway, I’m now mainly watching the trigger conditions for redemption and worst-case scenarios, rather than just looking at the depth snapshot in the pool.

Also, I feel the same about on-chain data tools/tag systems being criticized for lagging behind. When tags are wrong, a bunch of narratives about "smart money" get distorted, especially with RWA, which has more off-chain components and is easier to be misled. My approach is to patch it: small fixes, going through key addresses, custodians, and redemption announcements one by one. It’s tiring, but at least I won’t be led astray by illusions.