Lately I've been looking at RWA on the chain, and the more I look, the more I feel that the word "liquidity" is a bit of an illusion: being able to buy and sell on the chain doesn't mean you can really redeem at any time, the bunch of redemption windows, queues, minimum amounts, and even temporary suspension clauses underneath are basically telling you—exit might not always be open.

In the group, these days there's been talk again about stablecoin regulation, reserve audits, and various rumors of "de-pegging," and when emotions run high, I want to rush in, but what I care about more now is: when something really happens, who gets the money first, and who can only watch the announcements.
I treat complexity as an enemy, so I focus on two things: whether the redemption terms are solid enough, and whether the information disclosure can be updated on time… forget about other tricks, just endure slowly, don’t make too much noise.