I once tried treating a share of "RWA" type as something that could be sold on-chain at any time for fun, but I ended up educating myself... The trading volume on-chain looks lively, but honestly, it's more like a liquidity illusion: orders are placed, market-making is happening, but when you actually want to withdraw, you find a bunch of preconditions in the redemption terms, including lock-up periods, reviews, and even waiting for offline asset settlements. On-chain, it's just moving the "proof of rights" over, but that doesn't mean you can cash out anytime.

Recently, there's been a heated debate over NFT royalties, and the mindset is very similar: everyone is focused on secondary market liquidity, but the real bottleneck is the underlying rules (who can take a cut, when can you exit). Anyway, when I look at RWA now, my first instinct isn't to check how deep the pool is, but to review the redemption terms first—like a compulsive check of nonces—so I don't get stuck waiting for "confirmation" at the end.