Lately, I’ve been looking at a bunch of RWA on-chain projects. Everyone talks about, “bringing real-world assets on-chain = more stable returns,” but the more I look, the more it feels like a liquidity mirage… The on-chain trading volume is often just everyone trading back and forth with each other. And when it actually comes time to redeem, you realize the terms are written like a maze: T+ how many days, who has the final say, and when “special circumstances” arise, it gets delayed—anyway, it doesn’t help even if you’re in a hurry.

These days, the collateral unlocking and the token unlock calendar are being brought up again to discuss selling pressure, and it suddenly struck a chord with me: on-chain liquidity only counts at the moment you can sell. What you can’t sell is just psychological comfort. Put simply, the real risk with RWA might not be price volatility—it could be the fact that you think you can walk away anytime, but the gate isn’t even opened for you… As for whether my hands will tremble and I’ll go out and touch the floor again—I won’t say more for now.