Recently, I've seen quite a few discussions about RWA being on the chain again. Everyone keeps saying "liquidity on the chain has increased," but I feel a bit guilty about it... Frankly, most of the time, it just looks lively on the trading side. When it comes to large redemptions, there are a bunch of windows, limits, and even "pause redemption" buttons in the terms, making liquidity look like it's been softened with a filter. The recent repeated mentions of staking unlocks and token unlock calendars, along with the anxiety about selling pressure, are pretty similar: the calendar is very clear, but you think you can run at any time, only to realize when the depth is thin who’s actually holding the line. If RWA is to be truly stable, I’d rather focus first on how the redemption rules align with off-chain custody. Otherwise, the on-chain trading volume can easily lead to misunderstandings... What I fear most isn’t missing an opportunity, but mistaking the ability to sell for the ability to redeem at any moment.