Recently, I've been hearing everyone hype up RWA on the chain. Honestly, what I fear most is "liquidity that looks like real." The on-chain LP and market depth are impressive when displayed, but do you really want to redeem? The terms are full of T+N, lock-up periods, suspension of redemptions, whitelists—ultimately, it might just be: the only thing you can sell is the token, not the asset itself.

Not to mention some projects write redemption rights as if they were disclaimers; if something goes wrong, they just say "subject to off-chain conditions." Retail investors complain about miners/validators profiting from MEV ordering and front-running, yet they still rush to buy these "seemingly stable" notes. I find it a bit speechless... Anyway, when I see RWA now, my first instinct is to check the redemption clauses and liquidation order. If they’re not clearly written, I’d rather treat it as air.