I've seen quite a few RWA projects, but most of them share a common flaw: they lump together government bonds, real estate, private credit into the same pool and then tell you "redeemable at any time." That sounds good in theory, but in practice, it's a disaster.

MultiFi @multiplifi's layered logic is quite interesting. They've created a RWA USDi, specifically to hold assets that aren't as liquid—like private credit, commercial real estate, and so on.

It's not that these assets aren't valuable, but if you want to cash out, you might have to wait days or even weeks. Separating them from assets like government bonds, which can be redeemed instantly, isn't a genius design, but at least it acknowledges reality.

What is the biggest fear in the DeFi community? Mismatch of expectations. Users think they can withdraw anytime, but then find they can't, and panic ensues. MultiFi's approach is like giving a preemptive warning: by holding RWA USDi, you accept this rule upfront.

I personally think this is crucial for institutional capital to enter. Traditional finance folks hold a lot of alternative assets but have struggled to find suitable on-chain entry points. Now there's a dedicated channel that doesn't pollute the main liquidity pools and still offers on-chain transparency—it's a win-win.

Of course, whether it can actually succeed in the end depends on execution. But this approach is much more reliable than those projects that just make empty promises about "all assets instantly liquid."