Recently, I've been looking at a bunch of RWA on-chain projects, with interfaces that look almost like stablecoins—just click twice to "buy," and liquidity seems abundant. But honestly, many of these are just "transferable certificates," not assets that can be cashed out at any time. Redemption terms are also hidden deep: T+ several days, window periods, minimum redemption amounts, or even who has the authority to pause... These are not prominently displayed on the trading page, so users default to thinking of them as bank savings accounts.

This airdrop season is even more outrageous. The task platform uses anti-witchcraft measures plus a points system, making everyone feel like clocking in at work. In the end, what they get might just be a "secondary market sellable" ticket, and when they try to redeem, they find the process longer than getting a certificate. Anyway, when I look at RWA now, I focus on redemption and pause rights—if these aren't clearly written, I consider liquidity an illusion and prefer to avoid it.