These past two days, RWA on-chain has been getting a lot of hype, and when I clicked into the terms, it suddenly felt cold: the on-chain portion looks very liquid, but when it actually comes time for redemption, there are all these “redeemable with delays/queueing/window periods/manual review”—basically like ice cream wrapped in a thin crispy shell; you only find out after you bite that the inside still isn’t fully frozen…

It’s not that RWA is all bad, but don’t be fooled by the three words “tradeable.” Where is the real exit route, who has the final say, and how to handle a run on the fund—these matter more than the story. Right now, attention flits between memes and celebrity shoutout trading calls; the old players saying, “Don’t take the last baton,” sounds pretty right to me. The excitement is exciting, but redemption terms are the final stick.