I'm quite interested in this wave of RWA on the chain right now, but what I'm more afraid of is: it looks like there's plenty of liquidity, but when it comes time to redeem, you'll realize it's "you can sell to others," not "you can exchange back for the underlying assets"... In other words, liquidity might just be lively in the secondary market.

My first look at RWA projects isn't at the story, but at the redemption terms: who can redeem, T+ how many days, minimum amount, whether redemption can be paused during a run, who is responsible if escrow/SPV has issues, and whether there are priorities. Then I check the team wallets and unlocking schedule—don't want to find out later that liquidity hasn't appeared, and the chips have already buried you.

Recently, the community has been arguing about privacy coins, mixing coins, and compliance boundaries. I actually think RWA is the more "regulatory-sensitive" type: once regulators/banks clamp down, on-chain transparency won't help... Anyway, I prefer to go slower; if I don't understand the terms, I just pretend there's no liquidity.