Over the past couple of days, discussions about RWA on the blockchain have been pretty heated. A lot of people, the moment they see “asset backing,” automatically start imagining it as liquidity that can be sold at any time—basically, there’s a bit of a liquidity illusion. That chain of tokens looks like it can be transferred freely, but when you actually want to redeem it, a clause in the terms like “T+N,” a “window period,” or an “amount cap” can trap you, and you may even have to consider the mood of the counterparty…

I set a rule for myself: unless I’ve read the redemption path from start to finish and figured out how I would exit in the worst case, I’d rather treat it as a locked-in note and not allocate it with a “spot” mindset. Lately, the whole back-and-forth over NFT royalties is much the same. Creators want continuous income, and the secondary market wants smoother trades—yet in the end, it all comes back to one question: the liquidity you think you have… who, exactly, is standing behind it?

Anyway, it’s still the same for me: if the conditions aren’t met, I don’t touch it. I write everything down in the logs clearly so I don’t give myself excuses later.