Recently, I've seen a bunch of RWA on-chain projects talking about "liquidity," and I want to pour some cold water: being tradable on the chain ≠ being able to redeem at any time. Frankly, a lot of it is a liquidity illusion; when there's a secondary market with someone taking the other side, it looks lively, but once it hits the redemption window/trigger conditions, the terms start getting stuck: T+ several days, quota limits, suspension rights, or even unclear who signs off.

I thought that making the underlying assets "custody + audit" look good would be stable, but I ended up finding that redemption is "doing one's best," which is actually similar to the permission chaos I fear most in DAOs: at critical moments, you don't know who has the final say.

Recently, everyone has been discussing rate cut expectations, the dollar index, and so on; risk assets rise and fall together, which is quite exciting, but during such macro sentiment surges, it's easier to treat the terms as background noise... For now, I think RWA should focus on redemption terms and suspension/signature permissions, and put other publicity aside. That's all for now.