Back again with stak. fyi and still trying to figure it out

Hey all,

I posted about this before, but I keep coming back to it because it sounds simple at first then gets a bit tricky the more you think about it

You deposit USDC
You get STAK
Yield comes from a mix of real world credit and DeFi

That part is easy to follow

What I cannot fully wrap my head around is the liquidity side

If part of the yield is coming from real world exposure that is not instantly liquid, what actually happens when a lot of people try to withdraw at the same time

Is it always redeemable on demand
Does it rely on market liquidity
Or does it depend on how fast positions can be unwound

It also feels like you are stacking different types of risk without it being obvious at first. Smart contracts, strategy execution, and off chain exposure are all in play at once

Not saying it is a bad setup. Just trying to understand if this is actually improving capital efficiency or just adding more layers to think about

Has anyone here actually tried it and gone through the withdrawal process. Would be good to hear what it is like in practice