Recently, I’ve been looking at a bunch of RWA on-chain projects, and the liquidity on the page looks quite lively, but upon clicking in, I realize many are “can buy but not necessarily withdraw”… The redemption terms are a long list, with fine print more outrageous than my profile picture. To put it simply, you might think you can swap it back on-chain anytime, but in reality, you may need to queue, wait for a window period, and provide various proof documents. Liquidity is somewhat like an illusion.

Then again, some people interpret large on-chain transfers and fluctuations in exchange hot and cold wallets as “smart money,” and I also get the urge to speculate along. But thinking about it, this kind of asset is inherently slow; just because the chain moves fast doesn’t mean your redemption is quick. Forget it, to put it plainly: don’t just look at whether you can buy, first consider if you can smoothly withdraw when you need cash urgently. Otherwise, treat it as a collectible, just for fun.