Recently, watching RWA go on the chain, everyone is talking about "finally bringing real assets into the blockchain," sounds pretty exciting, but I always feel a bit of liquidity illusion: the trading depth on the chain is lively, it seems like you can run at any time, but when it comes to redemption, the terms are written more carefully than my old keyboard manual… window periods, limits, reviews, even "pause in special cases," in plain words: you think you're holding stable cash flow, but what you might actually have is a queue number.

Where exactly is the liquidity of RWA?
Answer: Not in the pool, but in the redemption clauses.

These days, there's also chatter about rate cut expectations, the dollar index, risk assets fluctuating wildly… on-chain transaction fees are quite honest: they get expensive when there's traffic. Anyway, when I look at RWA projects now, I don’t focus on returns first, I check the redemption and custody pages first. After flipping through, I get a clear idea—it's tiring but more reassuring.