Recently, I’ve been looking at a bunch of RWA on-chain projects, with liquidity on the page looking just like real markets, order books quite full, but when I check the redemption terms: T+N, limits, window periods, and possibly “special circumstances delayed.” Basically, what you’re buying might not be asset liquidity, but the “right to queue.” I learned this the hard way when I tried to sneak out before; the real danger isn’t misreading the direction, but discovering during execution that the exit isn’t actually there.

Now, with added modularization and DeFi layer narratives, developers are talking excitedly, while users are confused: who is providing liquidity for whom? Anyway, when I look at RWA now, I don’t focus on the story first, I look at how to write the redemption process, who can redeem on time, and how to handle the worst-case scenario… Otherwise, even if it’s more transparent on-chain, it’s just making the opaque more neatly written.