Last night before going to bed, I took a look at the funds for a few RWA projects and their order books. Cross-checking everything made me feel a bit uneasy: the on-chain depth looks pretty thick, but when it’s time for redemption, will it really carry through according to the terms? It feels like “liquidity is just put out there for show.” Basically, many people aren’t buying an asset that can be cashed out anytime—they’re buying a transferable certificate. If you don’t keep a close eye on details like the redemption window, the queue, and the discount, it’s easy to mistake “being able to sell” for “being able to redeem.”

Recently, another cross-chain bridge was hacked, and the oracle reported errors, so everyone is over there “waiting for confirmation.” I actually feel like this kind of collective hesitation is pretty real: the more something looks stable, the more you should assume it might get stuck for a while. In any case, I’d rather slow down now and finish reading the redemption terms before making any decisions.