Recently, I’ve been seeing a bunch of RWA on-chain projects brag about “on-chain liquidity,” and I’m a bit suspicious: to put it plainly, is this liquidity actually something you can sell in a DEX, or is it just there to look good in PPT? The moment it really comes to redemption, a clause in the terms like “requires manager approval / queue T+N / can be paused in special circumstances” instantly turns “exit anytime” into “wait for notification”… I’m basically just someone who likes reading governance posts. When redemption rights, liquidation order, and fee priority aren’t clearly spelled out—it's just like an incentive budget: in the end, it all turns into gray areas where no one is held responsible.

It also reminds me of the recent NFT royalty debate: everyone wants liquidity, but the moment it comes to “how the money is split, who gets it first,” people start disliking each other—pretty realistic, really.

Anyway, right now I’m only watching two things: whether the redemption terms are firm, and who the multi-sig/executor is—and whether the community can hold them accountable. That’s it for now.