Recently, I saw a bunch of comparisons between RWA and U.S. Treasury yields, as well as on-chain yield products. Honestly, what I fear most isn't the high or low returns, but the fact that “liquidity looks very beautiful.” The on-chain depth sometimes feels like an illusion. When faced with a concentrated redemption, if the terms include a “window period/delayed settlement/pausable redemption,” you can't even run away, only stare in disbelief. Last night, I was refreshing and retrying, waiting for the progress bar, only to find that the task page was flashy, but the redemption rules were hidden like an Easter egg... Anyway, the first thing on my checklist now is: figure out how the redemption process works, who can block you, and the worst-case arrival time. Otherwise, I’d rather earn a little less than stay awake worrying.