Recently, I've seen a bunch of RWA on-chain projects promoting "on-chain liquidity," but honestly, I find it a bit hard to believe... Being able to match orders on-chain doesn't mean you can redeem at any time; the key is the redemption terms: T+ how many? Queueing mechanism? Who has priority? Is there a gate during a run on the bank? If these aren't clearly specified, liquidity just looks like a visual effect.



What's even more amusing is that L2 is still arguing over TPS, fees, and who provides bigger subsidies, but if the underlying assets are slow to redeem or can even be paused, then no matter how fast the chain is, it's just moving the "waiting" onto the chain. In DAO proposals, I can be late, but I don't want to be late for redemption.

First, review the redemption terms of a few RWA projects I hold, and meanwhile, revoke any old authorizations that can be withdrawn.
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