Today I came across a bunch of RWA on-chain “deep liquidity” again, honestly it looks like a faucet, but when you actually turn it on, you find it’s connected to redemption clauses: T+ several days, limits, window periods, or even “suspension in special cases.” A few days ago, I almost impulsively put in a recent transaction from the bridge side, but right before finalizing, I checked the instructions and saw the phrase “delayed redemption,” which gave me a chill down my spine… Forget it, I’d rather earn less than risk turning into a queue for payouts when a black swan event hits.

Now, when I look at RWA, what I care about most isn’t how lively it is on-chain, but who’s actually redeeming it off-chain, when they’re redeeming, and whether they can actually redeem it. It feels a bit like the NFT royalty dispute: everyone wants “liquidity,” but once it comes to profit sharing or exit mechanisms, everyone starts passing the buck. Anyway, I’ll just stay on the sidelines and hope I don’t get scared again.