These past couple of days, looking at RWA on the chain has been a bit exhausting, but I'm still analyzing the data... That little bit of "liquidity" on the blockchain sometimes really feels like an illusion: the pools look lively, but when it comes to redemption, there are all kinds of windows, limits, and delayed settlements. Honestly, it’s more like taking traditional terms and slapping a token shell on them. The worst part is everyone just focuses on DEX depth screenshots, without paying attention to who’s timing or price is used for redemption, or how queues are managed during a run on the bank. By the way, I see L2s arguing over TPS/fees/subsidies again, but what might be more critical for RWA users is: whether cross-chain and wallet pathways are smooth, whether deposits and withdrawals are stuck, and whether, in the worst case, they can get their money back according to the terms. Anyway, whenever I see the words "redeemable at any time," I first look for the fine print.