Lately, a bunch of people have been saying that putting RWA on the chain is like "assets coming in = more real liquidity on the chain," and I find that a bit funny. Honestly, liquidity isn't about how much TVL you have in your pool; it's about whether you can redeem at any time according to the rules and whether the redemption process gets stuck or not. Many so-called "redeemable" clauses, if you read carefully, clearly specify: T+N, thresholds, suspensions, fees… it's all laid out plainly, but people are just too lazy to read.

What's even more ridiculous is that now it's popular to interpret ETF capital flows, US stock risk appetite, and crypto market rises and falls all together, as if a macro turn on the outside instantly makes on-chain assets liquid. Come on, the underlying is a contract, not emotion. When the redemption window closes, the "depth" you see on the chain is just an illusion. Anyway, when I look at RWA now, I first read the terms and then check the pool parameters; otherwise, I’m just looking for an excuse to pass the buck.