Just now my phone popped up a red dot notification: a certain RWA pool says "liquidity is ready," I almost clicked in by mistake... To put it plainly, this thing is often just a liquidity illusion: on-chain it looks like you can buy and sell, but when you want to redeem, the terms flip—T+ several days, window periods, limits, and even document reviews, just like waiting for a notification in the real world. The floor price flickers back and forth, but actually it's the redemption gate tightening the faucet from behind.

Recently, hardware wallets are out of stock again, and phishing links are increasing, so everyone's security awareness has improved, but I feel we're not yet adapted to "redemption clause phishing": it's not about stealing your private key, but about tricking you into thinking you can exit at any time. Anyway, now whenever I see "redeemable/exit available," I first look for small print, otherwise liquidity is just a sticker that can change faces.