Recently, everyone has been talking about RWA on the chain. To be honest, I’m not opposed to it; in fact, I’d love to see real assets come in. But many pools’ “liquidity” just looks like bright lights: you think you can leave at any time, but once the redemption clause is opened, it’s all about windows, queues, gates, and even “suspensions in special cases.” This isn’t called on-chain cash flow; it’s more like an on-chain waiting list.

I usually don’t speak up at governance meetings, but I can’t help but ask: if tomorrow the sentiment reverses, who gets redeemed first or last—according to the rules or personal relationships? If this isn’t clarified, when the hype dies down, it’ll be just like memes, with attention shifting around. In the end, newcomers who take the last baton might think they’re “allocating,” but they’re just part of the cycle.

I treat complexity as an enemy: if I don’t understand redemption, I just assume it can’t be redeemed. That’s how I’ll start.