Recently looking at a bunch of RWA on-chain projects, the "liquidity" curve on the chain looks pretty good, but honestly, a lot of it is an illusion: being able to buy doesn’t mean you can redeem anytime, redemption windows, queuing, minimum amounts, and even who does KYC are all written in the terms, and no one usually reads them. When you actually try to redeem, you realize you're holding a "transferable share," not "cash that can be redeemed at any time." (I've also suffered from not bothering to read the terms myself…)

It reminds me of the NFT royalty debate, which is the same issue: creators want predictable income, secondary markets want liquidity, and in the end, it all comes down to how the rules are written and who has the authority to change them. Anyway, when I look at RWA now, I don’t focus on the hype; I first read the redemption terms carefully before putting it on the chart.