Late at night, I scrolled through a bunch of RWA on-chain projects. The little bit of “liquidity” shown on the page looked lively, but once it came time for a redemption, I flipped through the terms: T+ a few days, limits, a window period, and even the ability to pause… Basically, on-chain is only bookkeeping made more convenient; the exit is still controlled by a human-gated door. Having quotes on a DEX doesn’t mean you can actually move volume—push into a deeper order book and it falls apart immediately, pretty much like the liquidation frenzy heat you see in perpetuals, except these are really just meant to give people confidence. I can also understand the recent backlash against the restaking/shared security “stacked-copies” model; the stacked yields feel great. But once the underlying redemption hits a snag, even stacking multiple layers means you still have to wait in line. Either way, when I look at RWA now, I check the redemption terms first, then I look at who provides market making—if you don’t have those, I just treat it like a late-night joke.