Recently, I’ve seen everyone talk about RWA on the blockchain, and my biggest feeling is: liquidity can really be “created” quite easily. When I was a beginner, I thought that on-chain means you can sell anytime, just list it and walk away; now I understand that whether you can redeem, how long it takes to redeem, and who makes the decision are the fundamental switches, and those on-chain transactions are sometimes just for show.

Especially the redemption terms, many are written very “compliantly,” but upon closer inspection, they are just a bunch of preconditions: window periods, white lists, limits, suspension rights… Anyway, when a run actually happens, no matter how fast you are on-chain, it’s useless. I’m also losing faith in on-chain data tools and tagging systems; recently, someone was complaining about lag or being misled, right? The charts look very stable, but maybe no one clicked the “redeem” button. For now, I’ll try RWA, but I only dare to treat it as a locked asset, not cash.