Recently, everyone has been talking about RWA on-chain. To be honest, what I fear most is still, “the liquidity looks great.” How deep the on-chain pools are is one thing—but when you genuinely need to redeem, it’s the stuff in the terms like T+N, the redemption window, the redemption amount caps, and even the button to pause redemptions that ultimately determines whether you can get your money back… nobody really brings this up.

And over the past couple of days, large on-chain transfers—plus any movement of exchange hot and cold wallets—are often interpreted as “smart money is coming in.” I just default to thinking it’s risk control moving funds and adjusting reserves first. Don’t romanticize it too much, especially with something like RWA: even the slightest hint can easily trigger panic and a run.

A few days ago, my mom asked me, “If it’s on the chain, can’t you just withdraw anytime?” I could only say: on-chain is on-chain, and redemption is redemption—there’s a whole layer of people and paperwork in between. Let it be like that. Better to be slow than to be fooled by the words “tradeable.”