Late at night, I came across a bunch of lively RWA on the chain. To be honest, I used to truly believe that "on-chain = more liquidity."

But the more I looked, the more it seemed like a liquidity illusion: the on-chain transactions look pretty smooth, but when the redemption clause is triggered, you realize the door is on the other side, not this side...
You think you can withdraw anytime, but it turns out to be "business days, limits, queuing, manual review."
I, someone who’s usually stubborn, used to say "I only look at on-chain," but now I have to add: it also depends on how it's written on paper, otherwise the on-chain is just a pretty front desk.
Recently, the staking/sharing security setups being criticized as copy-paste clones are actually the same flavor: the compounded returns are satisfying, but once the underlying needs to exit, who goes first, who can really get the money, it all becomes awkward.
Anyway, I’ll set aside my emotional indicators for now and focus on whether the redemption window is open.