Just saw an RWA project whitepaper on Gate. The redemption terms include a two-thousand-character essay—basically, “It’s easy to get money in, but getting it out depends on how they feel.” The “liquidity illusion” thing is even more unreal than MEV race-to-the-front—at least validators take it outright; RWA’s redemption restrictions are designed to make you think you can run, but in reality the door is welded shut. Recently I’ve been seeing people in the group complain about sorting fairness, and I think it’s the same kind of thing as the black-box pricing in the options market—seemingly transparent on the surface, with traps underneath. Anyway, I don’t believe the claim that “on-chain assets have no friction” anymore, unless one day Freddie Mac tickets can also be redeemed instantly. For now, that’s it—I’m going back to watching my volatility strategy.