Recently, I've been looking at a few RWA on-chain projects, and as I list out the tables, I start to get a bit suspicious: the on-chain "liquidity" often looks bright and shiny, but in reality, there's only a small door for exit. Everyone's watching the depth and trading volume in the secondary market, but I’d rather focus on understanding the redemption terms first: T+ how many days, who can redeem, in case of a run, do you queue or is there an immediate pause, how are the fees calculated... Honestly, assets that don’t allow smooth exit, no matter how much they’re on-chain, are just a different shell.

And recently, retail investors have been criticizing miner/validator income, MEV, and fairness in ordering, which I can understand: you think you can trade "anytime," but once the order flow and slippage change, the experience feels like being pushed from behind. For RWA, which relies more on "predictability," if redemption is slow and on-chain trades are front-run, that illusion of liquidity becomes even more apparent.

Anyway, I’ve bolded the "worst-case exit" column first. What other items do you think I should look at?