Over the past two days, I’ve been looking at RWA on-chain projects, and I get this illusion of “plenty of liquidity”: the on-chain order book looks pretty full, and the charts look nice, but I can’t help flipping through the redemption terms—in plain terms, can you exchange that “certificate” back into real assets, how long it takes, what conditions apply, and whether, if risk control kicks in, it just gets paused immediately. A lot of people only watch whether they can sell on the secondary market, ignoring that primary redemptions are actually the real foundation.

Cross-chain bridge thefts—like that time “the bridge again got stolen”—make me even more sensitive to the phrase “transferable on-chain”… Moving fast doesn’t mean you can cash out. After the oracle posted abnormal prices, everyone collectively “waited for confirmation,” which also feels pretty realistic—once something goes wrong, everything slows down. Just now, I tried transferring 0.03u to test the routing, waited 12 seconds, and then started imagining the story in my head; my suspicion is really beyond saving.