Scrolling through and seeing debates about which L2 has higher TPS, lower fees, and bigger subsidies… it looks exciting, but it’s actually very similar to the “liquidity” setup in RWA on-chain: being able to buy and sell on the screen doesn’t mean you can really redeem your money whenever you want.

The biggest pitfall of RWA, to put it plainly, is that the redemption terms are written too like an engineering spec: T+X, queues, gates, minimum redemption amounts, and even a direct pause if there’s a “market anomaly.” The pools on-chain may look deep—until everyone decides they want to leave at the same time, and you find the exit is just a small door, with a sign that says “Under Maintenance.”

So when I look at RWA projects now, I first read the redemption/liquidation rules, then see who is responsible for execution and who you should blame if something goes wrong; as for the on-chain trading volume… well, maybe it’s just that things aren’t congested for the moment. That’s it for now.