Recently, I’ve been looking at projects on RWA on-chain, and the on-chain trading volume looks pretty good when pulled out, but I always feel there’s a bit of a “liquidity illusion”… To put it simply, what you see is secondary trading among participants, which doesn’t mean you can actually redeem the underlying assets at that price. The key points are in those few lines of small print in the redemption terms: T+ how many days, minimum redemption amount, whether the window opens or not, and whether it can be paused in extreme situations.

These days, someone also linked ETF capital flows, US stock risk appetite, and crypto price movements together, but I just find it amusing. Anyway, RWA is more like a game of credit and process, not something that can be fully explained by candlestick charts. I’m just a lurker, so I’ll save a screenshot of the redemption path and fee schedule first, even if it’s slower.