I’ve been underwater for a long time, but I can’t help but say this: I don’t mind RWA being on-chain, but the thing I fear most is “liquidity looks so beautiful.” The on-chain trading volume and LP depth are often more like a showcase. When it really comes time for large redemptions, it ultimately comes down to how the off-chain redemption terms are written—who carries them out, whether they can be delayed, and whether there are “gates”… In plain terms, when the terms aren’t clear, no matter how smooth the on-chain experience looks, it’s still just an illusion.

Recently, watching L2s go at each other over TPS/fees/subsidies also feels very similar. The numbers look lively once you put them on display, but when users genuinely run into congestion/outages or the subsidies stop, the experience immediately goes sideways. Anyway, when I look at RWA projects now, I first pull out and read through the redemption window, the fees, the pause conditions, and the like. It’s fine to take it slow—at least that way, you won’t end up in a situation where “you can withdraw, but they won’t let you get the funds out.”