Recently, I've been looking at a bunch of RWA on-chain projects, and the little bit of "liquidity" on the page looks pretty good.

But when it comes time to redeem, I realize that the chain is just a shell; the terms are the real danger: queue times, limits, T+N, and even "special circumstances" that can lead to a direct suspension...
In other words, what you're buying is expectations, not cash.

Am I overthinking this?
No, you’re just finally reading the fine print.

Now, every day someone is watching staking unlocks, token unlock calendars, shouting about selling pressure and anxiety.
I actually think it’s more like the same thing: everyone thinks they can run at any time, but when they really want to leave, they find only one exit, and it’s a one-way turnstile.
Anyway, when I look at RWA, I first check the redemption conditions and who’s backing it, then look at the fancy on-chain stuff;
the market never rewards confidence, only those who can exit.