The more projects I see putting RWA on-chain, the more I feel that the two words “liquidity” can easily create an illusion. Just because something has shares and trades on-chain doesn’t mean you can truly leave whenever you want—when you flip the redemption terms, it’s things like T+ a number of days, quota limits, or even, in extreme cases, they just pull the gate shut… Put simply, many people are buying the peace of mind of “it looks like you can sell at any time.”

I understand why developers are having a great time chatting about the modularization and the DA layer, and users look confused too—but what I care more about is: when the underlying assets run into trouble, who takes the responsibility, and how exactly is the redemption carried out. Anyway, I’ll first write out the worst-case scenario in my strategy—I don’t need to be understood; I just want to live a little longer.