These past few days, I’ve been monitoring the flow of several addresses linked to RWA on the chain, and the more I look, the more I feel that “liquidity” is a bit like a lighting effect: it can be transferred and market-made on the chain at any time, but when it comes to redeeming, there are a bunch of clauses like “window periods / limits / reviews / suspensions.” To put it plainly, what you’re buying is a tradable shell, and redeeming follows a different set of rules.

There’s also a subtle point: many people complain that miners/validators rely too much on MEV and ordering to earn profits, but I think it’s quite similar to RWA: on the surface, the market seems very fair, but in reality, who can cut in line and who can prioritize transactions depends on rules written in places you can’t see. Anyway, when I look at RWA now, I don’t ask how beautiful the story is first—just check the redemption clauses and suspension conditions… otherwise, when a storm hits, liquidity can evaporate instantly, and the mindset can easily blow up.