Lately, discussions about RWA on the blockchain have heated up again, but I always feel that the most easily overlooked aspect is "what does liquidity look like." The on-chain TVL looks quite full, but when it comes to redemption, the terms like "T+X," "window period," and "pause" are the hard constraints. Basically, it's more about bringing the cash flow rhythm onto the platform rather than turning assets into tokens that can be sold at any time.

Some projects, with the new L1/L2 incentives, immediately show good data, but longtime users' complaints about "mining, then selling" are not without reason: the excitement from incentives and trading is one thing, but whether the underlying redemption process is smooth and when it can be smooth are two different issues. Anyway, when I look at RWA now, I first check the redemption terms and pause conditions, then see who will do custody/liquidation, and finally look at the curve on-chain.

There are many tutorials, but I actually prefer those that clearly map out the cash flow paths and worst-case scenarios, with less grand narrative and more "what to do if it really gets stuck." For now, just like this, slowly piecing it together.