I just looked around at the RWA on-chain stuff, and it feels like everyone is selling a dream. They say they’re tokenizing real estate, bonds, and the like—sounds pretty high-end. The liquidity is suddenly “freed,” right? But when I look carefully at the terms, redemption lockups often drag on for months, KYC is clamped down tightly, and liquidity basically depends on buy-side support. In plain terms, it’s just as suffocating as redemption in traditional finance—only with an on-chain wrapper added.

Recently, testnets have been rolling out incentives, and the points expectations are getting hyped through the roof. Every round people are guessing whether the mainnet will issue tokens, like opening blind boxes. Meanwhile, those projects that have truly made RWA work still have an awful redemption experience.

Anyway, let’s leave it at that. I’m going to revoke any unclear permissions from my own wallet first, just to feel at ease. I’ll revisit it when there’s real certainty someday.