You say that RWA on the chain sounds like "on-chain government bonds being freely bought and sold," but lately I’ve been feeling more and more that there’s a liquidity illusion... The order books look lively, but that doesn’t mean you can smoothly redeem when you want to. Many projects talk loudly about being "tradeable," but their redemption terms are written like footnotes: window periods, minimum amounts, T+ days, or even situations where they can pause. Honestly, it’s still the same old traditional rhythm, just moved onto the blockchain.

Recently, there’s been news about some regions increasing taxes and tightening or relaxing compliance measures at different times. People’s expectations for deposits and withdrawals change, and these "seemingly stable" on-chain assets are more easily seen as safe havens... But when it comes to stress testing, whether liquidity is reliable might depend more on the terms than on the curve. Anyway, I’d rather lower my expectations for now and first understand the small print of those redemption clauses.