Lately I've been looking at pools of RWA on-chain projects, and on the surface, they seem pretty impressive, with slippage also "looking" not too bad, but I always feel it's a liquidity illusion: just because you can buy in doesn't mean you can redeem out under the same logic. Once you flip the redemption terms—window periods, limits, reviews, off-chain liquidation priorities... Basically, the on-chain part gives you a very smooth entry, but the exit still requires queuing and waiting for the right moment.

What's more annoying is that whenever routing encounters these pools, it starts to act up, clearly the transaction prices aren't much different, but the last hop gets eaten up completely. My partner even complains that I stare at transaction records like a thief in the middle of the night—fine, I know I might be a bit obsessed.

By the way, recently retail investors have been criticizing miners/validators for eating MEV and unfair ordering. I actually understand, because if you can't even do "first come, first served," what hope is there for predictable on-chain asset redemptions... Anyway, my current judgment on RWA is simple: first, see how the redemption is written, then see if the pool really allows you to exit with dignity.