Hey, I thought that whole RWA on-chain thing was just putting real-world asset data on-chain and adding a bit of liquidity. But what happened? Recently I looked at the redemption terms of a few projects and found the water is pretty deep. Simply put, the “on-chain liquidity” you see can turn into an illusion at any time—like when exchanges pause withdrawals, or when redemption triggers have harsh conditions. I tried a redemption simulation once: the on-chain page looked smooth, but the underlying asset redemption window is open on a weekly basis, and it still might not be able to execute the full amount. With that, who dares to use it as cash? 😂

And with all the recent nonsense around MEV and ordering, validators are making a fortune while retail users are left worrying even just to make normal trades. Anyway, I’m increasingly convinced that for RWA to truly run, you have to first figure out one thing: “Can you really get your fiat money back?” Don’t just get high on that TVL number. For now, I’ll keep hiding in a safe little pool and observe slowly.