Recently, when I hear people talking about the narrative of RWA on-chain, the one topic they discuss the most is still “liquidity.” But it always feels like you’re taking a piece of paper with redemption terms on it, folding it into a bunch of colorful fragments to trade. What you end up buying are shares, certificates, or the numbers inside a pool. And when the moment to redeem actually comes—who gets to decide the window period, the quota, the KYC, the pause button…? Put simply, liquidity might just be the buzz of the secondary market, not the water faucet on the asset side.

In the past couple of days, memes and celebrity pump-style calls have once again pulled everyone’s attention away. Newcomers rush in fast, while older players stand by muttering, “Don’t catch the last baton.” But I think both sides are really talking about the same thing: you think you’re buying an asset, but what you’re actually buying is the pace of dissemination. Anyway, for now I’m looking at RWA first by reviewing the redemption terms, then seeing who’s telling the story. That’s it for now.