Recently, everyone has been talking about RWA on the blockchain again.

Honestly, what I fear most is not "whether there are assets," but the illusion of liquidity:
The order book looks quite thick, but when it comes to redemption, you realize there are a bunch of small print clauses—T+ days, limits, or even manual review...
Transferring back and forth on the chain is very smooth, but the door off-chain may not necessarily open for you.

I thought being on the chain would make things more free, but it seems more like making the "lock" look prettier.
Now, the pledge unlocks and token unlock calendars are being flipped through daily, causing panic over selling pressure, and anxiety about dumping is everywhere.
But some of the "selling pressure" in RWA is actually just the redemption window tightening, creating congestion when everyone wants to exit at the same time.

Anyway, I’m a bit more mechanical myself: first look at the redemption terms, then look at the returns.
Liquidity, in the end, has to be able to run when you most want to run—that’s what counts.
That’s all for now.