Let me vent a little. Recently, when looking at projects on RWA that are putting things on-chain, I’m not most afraid that the concept is too big—it’s that kind of “liquidity that looks deep” on the surface. The on-chain pool has visible size, and the slippage still seems fine, but when you truly want to enter or exit with a large amount, whether the underlying assets can be redeemed according to the terms is what really matters: the redemption window, the queueing period, the fees, whether pausing is allowed, who decides the valuation… If any of those details are written vaguely, liquidity starts to feel a bit like an illusion.

Even weirder is that outside crypto, people are still interpreting ETF fund flows, US stock risk appetite, and crypto price swings as if they’re tightly tied together—once sentiment heats up, this “tradable facade” on-chain gets amplified. Anyway, when I look at RWA now, I treat the redemption terms as a risk-control parameter. I’d rather make a bit less profit than end up in the awkward situation where “you can sell, but you can’t redeem / can’t receive the redemption proceeds.”