Lately I’ve been looking at the RWA on-chain order books. The “depth” on-chain looks pretty impressive at first glance, but in reality, half of it is a liquidity illusion: the bids/asks are posted densely, but if you actually want to redeem, the terms are full of windows, limits, and even “suspension in special circumstances.” Plainly put, you’re buying something that looks like stable paper. Taxes/compliance requirements in some regions tighten and loosen in cycles—once everyone’s expectations for deposits and withdrawals shift, the redemption pressure goes from a “theoretical risk” to something that “blocks you today.” Now when I build tables, I even list the redemption path as a separate line, otherwise I’ll have to keep blaming my parameters for not being set right… On-chain transparency, right? So transparent that it’s reassuring (and also makes it easier to ignore those little lines of fine print).