Recently, I've been looking at a bunch of RWA on-chain projects again, and everyone is talking about "liquidity." Frankly, I'm a bit worried that this might be a liquidity illusion: being able to buy and sell on the chain doesn't mean you can actually get back the underlying assets. Especially with redemption clauses, the more "flexible" they are written, the less I feel at ease—T+ several days, who decides whether to pause, how to handle extreme situations... Without clear details on these, it feels like lending your house key to a stranger.

These days, the pledge unlocking and token unlock schedules are being repeatedly brought up, with anxiety about selling pressure flying everywhere. But I actually think RWA should be more worried about "redemption unlocking": you think you can withdraw anytime, but a clause that says "can be delayed" can trap you. Anyway, I now prefer to take it slow and keep that key in my own hands.