RWA FOUNDATION
Secondary Liquidity
Owning a token is not the same as being able to sell it
Secondary liquidity is your ability to sell what you hold, close to its fair value, in the size you want, when you want. For many tokenized assets it is still limited. Transfer rules restrict who can buy, wallets often need approval before they can receive tokens, and trading is split across venues and chains that do not share order books. The result can be wide spreads, prices that move on small trades and long waits to exit. Compare a token's trading volume with its total value: value shows what was issued, volume shows how much changes hands.
Liquidity depends less on the token than on how many eligible buyers can reach it, and how quickly.