Recently, I came across a bunch of projects with RWA on the chain. The "liquidity" on the page looks pretty good, but I always feel a bit hallucinated: being able to buy and sell on the chain at any time doesn't mean you can redeem at any time. Once the underlying assets impose restrictions on terms or time windows, no matter how smooth the chain is, it's just a lively turnover. To put it simply, true liquidity depends on "who's willing to accept your redemption" rather than trading volume on DEX.

This is exactly what I fear most in small arbitrage: the price gap exists, but if the exit channel isn't clearly written, it's like stepping on the gas before the red light... When redemption day comes, you find yourself queuing, undergoing reviews, and facing limits. The price difference instantly turns into psychological comfort. Recently, I also enjoyed watching L2s argue about TPS/fees/subsidies. No matter how fast they run, in the end, it still depends on how the assets' gate is opened. Anyway, when I see RWA now, I first check the redemption terms and suspension conditions; otherwise, I’d rather not move.