Lately, I’ve been getting myself confused again trying to understand RWA on the chain... When I was a beginner, I always thought "on-chain = can sell at any time = liquidity is stable." Now I realize: many times it just looks like there are pools and candlesticks moving, but when it comes to redemption, you find the terms are more detailed than a contract—windows, limits, who goes first, who goes second... a bunch of restrictions, and liquidity can feel like an illusion.

And the on-chain sorting issues are also pretty frustrating. Recently, everyone’s been complaining about miners/validators taking their cut, MEV front-running, and so on. Honestly, you think you’ve clicked to redeem, but the actual queue order might have been arranged earlier. Anyway, now I do my homework by first marking out the redemption paths and worst-case scenarios, because the biggest fear isn’t missing an airdrop, but making a mistake at the snapshot or redemption point that makes everything go to waste.