These days, I've come across a bunch of RWA on-chain projects, and the "liquidity" on their pages looks quite lively.
But when I dig deeper, it almost feels like a hallucination: there are matching mechanisms, but when it comes to redemption, the terms include all kinds of windows, limits, KYC, and even "extensions in special cases"...
To put it simply, what you're buying is an on-chain certificate, not cash that can be withdrawn at any time.
Now, when I look at RWAs, I don't dare to just focus on TVL and pool depth anymore.
Instead, I start checking how the redemption process is writt