These past two days, I’ve been looking at RWA on-chain projects, and I got a little fooled by the word “liquidity.” There are a bunch of shares sitting on-chain, and they look like they can be sold anytime. But once you actually get to redemption, you find the terms are written as vaguely as fog—T+ a few days, thresholds, suspension rights… In plain terms, it’s more like moving the OTC desk onto the chain, not making cash flow faster.

After that whole incident where cross-chain bridges were hacked, I actually understand even better why everyone is always “waiting for confirmation” now. When an oracle reports an abnormal price, everyone stops—pretty much normal.

Just now, I turned off auto-refresh for the market quotes. I’ll read those few lines of fine print about the redemption terms first. There’s no real rush, even if it takes a bit longer.