Recently, I saw a bunch of RWA on-chain projects touting "depth" and "liquidity," and the order book looked quite lively. But when it comes to redemption, they start with all kinds of clauses: T+N, limits, window periods, even queuing... Basically, the chain just has an extra shell; the underlying system is still the traditional gatekeeping approach. What's funny is that people still treat it as a stable pool that can run away at any time; what's frustrating is that when something really happens, you realize you're not buying liquidity, but rather "the right to exit." The airdrop season is pretty much the same—point systems turn people into work-like drones, and the task platforms, anti-witch hunts, end up feeling like they're screening for the most resilient. Anyway, when I look at these now, my first thought isn't APR, but where the redemption clauses are written and who has the final say. That's how I see it for now.