Recently, I've seen a bunch of projects on RWA going on-chain and talking about "liquidity," and I'm a bit suspicious: on the chain, it looks like you can sell at any time, but when it comes to redemption, there are terms with T+N, limits, pause windows, and suddenly it shifts from "cash-like" to "queue-like." Frankly, much of the liquidity is an illusion; the trading activity is lively, but the underlying assets may not keep up.

Thinking further, the recent criticism of the pledge/share security model as a "copycat" is actually the same issue: the compounded returns look great, but when faced with stress testing, who redeems first, how they redeem, and whether they can redeem are the real challenges. Anyway, I'm now more concerned about whether the redemption process is clearly written; I’d rather add it slowly than find out after paying the Gas fee that I was just educated once.