Recently looking at a bunch of RWA on-chain projects, the pages are made to look like "can sell at any time," and liquidity pools are also listed on-chain, which at first glance seems very smooth.

But upon checking the redemption terms: T+ several days to start, quota limits, and waiting for the manager’s approval...
Basically, what you buy is "tradeable waiting," not the actual asset itself.
On-chain can only match transactions instantly, but the off-chain part is still manual, and MEV can't even get involved.
Thinking about it, it's quite funny and a bit frustrating.

What's even more outrageous is that, once mixed with social mining and fan tokens, everyone starts to treat "attention as mining" as a source of liquidity: more people = easier to sell.
But when it comes to the redemption window, attention can't be queued at the counter...
Anyway, now whenever I see the words "exit at any time," I get itchy and want to click on the fine print.
High gas fees just mean I’m out of inspiration, so I’ll leave it at that for now.