Recently, I came across a bunch of RWA projects that are on the chain, and the liquidity on the page looks quite lively, with a lot of transfer activity on the chain as well, but I can't help but wonder: when it comes to redemption, who really has the final say in the terms? Honestly, a lot of this “liquidity” seems more like an illusion of mutual handovers between you and me; the underlying assets might still be stuck on business days, quotas, or even “pausing under special circumstances”… all lightly written.

These days, everyone is talking about rate cut expectations, the US dollar index, risk assets sometimes rising together and sometimes falling together. Watching the open positions and funding rates fluctuate, I feel even less confident: when macro sentiment turns, RWA, which looks “stable,” might actually be the most vulnerable to a concentrated redemption stress test.

For me, “long-term” is really just about one quarter… any longer, and I start to forget. I’d rather treat the redemption terms as a stop-loss line, so I don’t have to review only when something really goes wrong.