Recently, the hype around RWA on the blockchain has been quite intense, but I’ve always felt that half of it is liquidity illusion: being able to click "sell" on the chain doesn’t mean the underlying assets will give you cash at any time, what really traps people are often those small print redemption clauses—T+ days, limits, suspension windows, who makes the call. To put it simply, the chain just moves the proof of ownership online; the payout is still the traditional offline process.

Looking at the current wave of staking/shared security, I can understand the criticism of “pyramid schemes”: the returns stack layer upon layer, increasingly resembling hiding redemption risks within the structure. It’s hard to see the risk normally, but when a run happens, everyone is lining up at the same door.

If I hadn’t added a redemption status check in my script, I might have thought I was holding a “tradeable asset,” only to find out it was just a transferable note… Anyway, I’d rather go slow now and first figure out the exit path clearly.