I tried buying a kind of "RWA on-chain" debt token once, originally wanting to experience on-chain liquidity, but as soon as I entered the secondary market, I realized it was pretty much an illusion: the order book looked lively, but when you actually wanted to sell, the slippage could scare people away... To put it simply, liquidity is more about "someone willing to place an order," not "redeemable at any time."

Later, I looked up the redemption terms and found that the key points are not on the blockchain at all; it's still the offline set: who has the authority to pause redemptions, how long the redemption window lasts, priority in line, how to handle black swan events. After reading it, I felt about the same as arguing over NFT royalties—everyone is shouting "what should be," but in the secondary market, who gets liquidity and income depends on the terms, and if it's not written in, it's a trap. That's all for now; whenever I see the words "redeemable," I tend to ask a few more questions.