Recently, I saw a chart comparing RWA with U.S. Treasury yields and various on-chain yield products. Honestly, my first reaction after seeing it was: don’t self-delude yourself about liquidity. RWA on the chain looks like "can sell at any time," but when it comes to redemption/early exit, the bunch of waiting periods, limits, and counterparty reviews in the terms might be more mind-blowing than the moment I got caught in a squeeze back in the day... You think you just sell and leave, but the reality is refresh/retry/queue, and in the end, you realize it’s not what you thought—"anytime."

Now, I’m reviewing it with two main points in mind: first, who is actually taking over the secondary liquidity (don’t rely solely on the imagined "market"), and second, are the redemption terms written in understandable language. You can copy the yield, but you can’t copy the exit mechanism. Anyway, I’m prioritizing whether I can get my money back as the first question. I’ve been educated too many times, so first forgive myself, then be a little more serious.