These days, the more I look at RWA on-chain projects, the more uncomfortable I feel: there are a bunch of "tradeable" shares on the chain, seemingly with plenty of liquidity on the surface, but in reality, it's mostly market making + incentives stacked up to create an illusion. When it comes to redemption, there are a bunch of clauses: T+X days, quota limits, and the possibility to pause in special situations... Basically, what you're buying is a "queue position," not cash that can be withdrawn at any time.

Forget it, speaking plainly: don’t just focus on how deep the pool is, first check how redemption is written, who can hit the pause button, and how long you might have to wait in the worst case. As someone who’s eager to mint quickly, seeing a queue for redemption gives me a bit of PTSD... Recently, the new L1/L2 projects that pull TVL are the same story—when the hype dies and everyone sells, the pool instantly shrinks, and it feels about the same. Anyway, I’m only testing the waters with a small position now; I’ll add more if I can exit easily.