Recently, I've seen a bunch of RWA on-chain projects claiming they have "good liquidity." When I looked at the redemption terms, I started to feel a bit discouraged... To be honest, the trading volume on-chain often just looks lively, but if you really want to convert assets back to fiat or underlying assets, there are windows, limits, reviews, and even "special case suspensions" waiting for you. Being able to sell on-chain at any time doesn't mean you can always cash out off-chain.

Lately, everyone has been talking about rate cut expectations, the US dollar index, and the idea that risk assets rise and fall together. But I actually want to ask: when sentiment reverses, who will backstop the redemption of these RWAs? My own "long-term" view is probably calculated quarterly, at least to survive one macro narrative shift. Anyway, when I look at RWAs now, I first check the terms, then the story—better to take it slow.