Lately, everyone’s been talking about RWA on-chain, and I always feel there’s a bit of “liquidity illusion”: just because you can buy and sell on-chain doesn’t mean you can withdraw anytime. When you really hit a stress scenario, the redemption terms are the real trump card. Many projects put their redemption windows, queueing mechanisms, and fees in a pretty small line—normally no one checks it, but once the market jolts, everyone starts flipping through the contract… Put plainly, the chain is just the entry point, not the exit.

Over the past couple of days, some people have also been interpreting ETF fund flows, U.S. stock risk appetite, and crypto’s ups and downs together—I’m watching it too. But what I care more about is this: once external capital sentiment changes, what exactly is propping up the “ability to exit” of these RWAs? Anyway, when I look at RWA now, I ask about the redemption conditions first, then look at the returns—don’t let yourself get led around by order-book signals and hype.