Recently, I've been looking into RWA on the blockchain, and the more I look, the more I feel that the words "liquidity" are quite misleading... It's great to be able to redeem at any time on the interface, but when it comes to stress testing, the redemption terms are the real boss: Are there gates, delays, discounts, who gets priority, honestly, it has less to do with the matching depth on-chain.

What I need to be reminded of is: don’t just focus on the annualized rate, first find out if you can get your principal back in the worst case, how long it takes, and who is deciding these things.
By the way, these past couple of days, everyone has been complaining about validator income, MEV, and fairness in ordering, but it’s actually the same issue: the rules are written by whoever holds the power, which determines whether you see the market or an illusion.
That’s it for now, slowly filtering through.