Recently, I've been looking at a bunch of RWA on-chain projects again. Their promotions always love to mention "on-chain liquidity," but the more I look at it, the more it seems like a liquidity illusion: whether secondary market sales are possible is one thing, but whether the underlying assets can be redeemed according to the terms is another. Frankly, what you might have bought is just a "transferable certificate," not cash that can be withdrawn at any time. Redemption windows, queuing order, who has the authority to pause, how to handle extreme situations (and whether KYC is even required) — these fine print details are much more important than TVL.

These days, everyone is talking about staking unlocks and unlock schedules causing selling pressure. I think it’s a similar logic to RWA: don’t just focus on "tradeability," focus on "exitability." When I evaluate projects now, I first copy out the redemption terms to make a comparison table… It’s a bit dull, but at least I can sleep better.