Lately I've been looking into RWA on the chain, and the more I look, the more I feel that "liquidity" is a bit like a filter: being able to buy and sell on the chain doesn't mean you can really redeem at any time. Frankly, the redemption terms of the underlying assets are the hard part—what T+ days, window periods, trigger conditions—once those are clearly written, it’s not so dreamy anymore. Especially when the market is cold, seeing deep orders looks lively, but when a concentrated exit actually happens, it might get stuck all at once.

What I fear most isn't losing money, but thinking I can leave anytime, only to find out the door is actually only open at scheduled times... Also, these past couple of days, there's been a debate in the group about privacy coins/mixing coins and compliance boundaries, and I feel it's the same issue: when rules are unclear, everyone is just filling in the gaps with imagination. Anyway, I’m mainly watching the terms and actual redemption paths, and I’ll wait patiently for the sentiment to warm up again.