In the past few days, the projects on RWA on-chain are increasingly giving me a sense of "liquidity illusion"…… There are a bunch of TVL on the chain, pools are quite lively, but when you actually check the redemption terms, you find: redemption windows, quotas, queuing, and even the need to pass KYC/manual review. To put it simply, it’s like “can sell” but not necessarily “can get the money back immediately.” Not to mention, if the underlying assets encounter any issues, no matter how smooth the chain is, it can’t save the situation.

Recently, L2s are arguing again about TPS, fees, and subsidies. I tend to be more easily influenced: whether the interface is fast or not is one thing, whether you can redeem smoothly is another. Anyway, I’m currently focusing on two points for RWA: how the redemption is written, and who will bear the worst-case scenario (if any). For now, that’s it. Later, I’ll review the two RWA redemption clauses I’m testing again and write a checklist of pitfalls.