Sitting with tea and browsing the chain, recently RWA on-chain has become lively again, and there are a bunch of “deep” views in the router that look quite intimidating. Basically, a lot of it is an illusion of liquidity: normally, orders are stacked like a wall, but when someone actually wants to redeem or make a large withdrawal, various windows, queues, fees, KYC, and even “pausing in extreme cases” are suddenly invoked, pulling you back from the chain to the real world.

The funniest part is that some projects promote “redeemable at any time,” but the conditions for redemption are written like a maze, ultimately turning into: you can redeem, but you might not be able to do so at the time you want. On-chain assets do not equal on-chain liquidity; don’t be blinded by that TVL.

The inflation + studio + coin price spiral collapse in blockchain games is actually the same flavor: the surface prosperity is supported by “people who can run away,” but when it’s time to cash out, the rules are all in places you can’t see. Anyway, I’m currently looking at RWA first by reviewing the redemption clauses, then seeing who’s doing market making and who’s taking over, don’t just focus on the “compliance narrative.” That’s all for now.