Lately, the more I look at projects involving on-chain RWA, the more uneasy I feel. To put it plainly, a lot of the liquidity is “there to look at”: on-chain buying and selling seems lively, but once you truly want to redeem, all kinds of terms start coming into play—window periods, quotas, KYC, and even “may be suspended if market conditions are unfavorable”… When I reconcile accounts inside the DAO, I’m most afraid of this. Assets on paper look great, and if the cash flow can’t keep up, everything ends up propped up by trust.

And these past two days, I also heard that in a certain region, taxes are going to be added—compliance will tighten for a while and then loosen again. Once people’s expectations for deposits and withdrawals change, redemption pressure stops being a math problem.

Anyway, whenever I see the words “exit at any time,” I’ll first go flip through the fine print: who actually makes the commitment, how the settlement works, and whether I can get my money back in the worst case. That’s it for now—don’t let the illusion of liquidity lull you to sleep again.