Over the past couple of days, I’ve seen a bunch of RWA on-chain projects talking about “liquidity.” It sounds great, but I can’t shake the feeling that a lot of the time it’s an illusion of liquidity: being able to buy and sell on-chain doesn’t mean the underlying assets can be redeemed on demand. To put it plainly, the key is still the redemption terms—who can redeem, how long redemption takes, and whether a redemption during a liquidity crunch means queues or an outright suspension. If these aren’t spelled out clearly, then all the excitement is just excitement.

By the way, in a period when hardware wallets can be out of stock and phishing links are flying everywhere, if you hand the “redemption entry” over to some random webpage… I’ll just check the contract and the redemption path twice. If it takes longer, fine—at least don’t get fooled by your own optimism.