Recently looking at a bunch of RWA on-chain projects, the liquidity on the page looks like it's really there—depth, transactions, market making all in place... but my first reaction now isn't "Can I buy," but rather "Who will handle my redemption when I want to cash out, have the terms been written?" Basically, a lot of it hides "exit" clauses in small print: lock-up periods, quotas, reviews, delayed settlements, and even direct suspension in extreme cases. You might think everything moves freely on-chain, but in reality, it's still lining up according to offline rules.

It's also a bit like the recent NFT royalty disputes: creators want income, secondary markets want liquidity, and in the end, there are all kinds of "optional/default/bypassed" solutions. It looks lively, but the actual friction costs are fully passed on to the buyers.

Now I’m doing a little exercise for myself: not to fantasize about the "smoothest redemption," but to assume how I would come out if I were the unluckiest. If I don’t understand the terms, just assume I can’t redeem; don’t pretend to understand, anyway it saves money and time.