These days, as I see more projects on RWA going on-chain, I find myself more concerned about whether "liquidity is an illusion." On the blockchain, watching transactions, market making, and pool depth all seem to be in order, but when it comes to redemption, it's often T+N, quotas, windows, or even a bunch of reviews... To put it simply, what you buy might be "tradeable certificates," not "assets that can be converted to cash at any time." I tend to treat redemption terms as the main K-line; when the terms tighten, even if the on-chain price remains stable, it might just be a hard-won stability.

There's also talk about macro expectations of rate cuts being brought up again. The US dollar index and risk assets sometimes rise and fall together, and it feels like everyone is looking for a "liquidity explanation." But with RWA-type assets, macro liquidity easing or tightening is one thing; whether the underlying assets can be smoothly redeemed is another... Anyway, when I see the words "high-liquidity RWA," my first reaction is to check the redemption details. Not doing so leaves me uneasy.