These days, I’ve been looking at the pools on RWA that are being put on-chain. The order book looks pretty active, but I always feel like there’s a kind of liquidity illusion: the secondary orders appear thick, but the moment you actually try to sell, slippage starts kicking in and there’s a gap in how transactions get matched—like the mempool suddenly turns windy. To put it plainly, the key isn’t in the four words “on-chain assets”; it’s in how strict the redemption terms are—T+ after how many days, redemption limits, who has to do KYC, and, in the event of a redemption panic, who gets processed first and who gets processed last. Those are the underlying matching mechanics.

By the way, I also want to gripe a bit: I can understand the questioning around recent on-chain data tools and tagging systems being slow/lagging. With something like RWA, it’s even easier to get “packaged”—once the address is swapped for a new shell, it turns into a whole new story. In any case, right now I’d rather go through the redemption terms first when evaluating RWA, and only then look at depth. I’d rather do fewer trades than get stuck at the mouth of the redemption window.