Recently, I've been looking at the promotion materials for RWA on the blockchain again, and the more I look, the more it seems like a "liquidity illusion": just because there's a trading on the chain doesn't mean you can withdraw at any time. If you actually want to redeem, there are a bunch of clauses about lock-up periods, limits, counterparty confirmations, and even phrases like "can be paused in case of anomalies." If you don't scrutinize these before signing, you'll be educated later. To put it simply, the on-chain trading volume is mostly driven by sentiment and market making; when the underlying assets can't be liquidated quickly, the price reacts first, and redemptions then go into a queue.

These days, everyone is again obsessing over staking unlocks and token unlock calendars, with anxiety about selling pressure at an all-time high. I feel that RWA is even more covert: the unlock schedule is clearly written out, but the redemption clauses are the hidden landmines. When that day comes, you'll realize, "Oh, I also have to wait 30 days plus manual review"... Anyway, whenever I see the words "redeemable," I immediately start thinking about who to exchange with, how to exchange, and what to do if I can't.

What I fear most isn't missing out on an opportunity, but signing the permissions without reading carefully, losing the fallback options altogether.