I'm not very good at telling grand narratives, but recently, reading about RWA on the chain, I keep feeling: that "liquidity" on the chain is often just an illusion. Having quotes in the pool doesn't mean you can really exchange notes/rent income or similar assets for cash at any time; the key still lies in the redemption terms—who will buy back, how long it takes, whether it can be paused during a run, and how penalties are calculated. Frankly, the chain only makes "transfer" faster; the slow and hard underlying assets are still slow and hard.

Some people compare this to social mining and fan tokens, saying attention is liquidity... I find that hard to believe. Attention recedes faster than redemption; today’s hot topic might be gone tomorrow, and in the end, it still depends on whether you can get your real assets back according to the terms. Anyway, when I look at these projects now, I find reading those few lines of small print about redemption more reassuring than watching candlestick charts.