Recently, I've seen a bunch of promotions about RWA being on the chain, claiming how great "on-chain liquidity" is. I'm actually quite cautious about this: often, that's trading liquidity, not redemption liquidity. Being able to swap in and out of the pool doesn't mean you can actually redeem the underlying assets at the pace you think. When redemption windows, queuing, KYC, or pause clauses kick in, the on-chain activity that was lively might instantly turn into "only prices, no exit."

Some people have been watching the main public chain's upgrade/maintenance recently, speculating whether the ecosystem will migrate. I think whether it migrates or not isn't that important; what's crucial is that those "redeemable" assets you hold—when faced with chain congestion, cross-chain issues, or a contract shutting down temporarily—are you holding actual assets or just a story...

What I fear missing the most isn't actually the opportunity, but that clause in the redemption terms that says "we reserve the right to delay or refuse in special circumstances."