Recently, I’ve seen a bunch of RWA on-chain projects bragging about “on-chain liquidity.” To put it bluntly, many of them simply treat “being able to resell” as “redeemable anytime.” It looks smooth when someone in the secondary market is willing to take the other side, but when you actually get to the redemption page, the terms are written like a tea leaves reading—T+ a few days, limits, suspensions, or even direct rollback/postponement if an event occurs. Before you click confirm, you’d better pull up those lines of small text and read them.

Meanwhile, it’s also pretty lively watching L2s compare TPS, fees, and subsidies every day, but if the underlying assets really get stuck on redemption, running faster only means getting queued up sooner. Anyway, the moment I see the four words “exit at any time,” I instinctively want to look for parentheses.