Private credit is hitting a wall.

The problem? It's not illiquidity — it's the fake liquidity promises sold to retail that the assets can't actually deliver.

Amar Odedra from Algorand Foundation breaks down the core issues:

• Daily NAVs for institutional capital — does this unlock real flow or just create more friction?

• Retailization of private credit — is this sustainable or a ticking time bomb?

• Can tokenization actually fix the broken foundation, or is it just another narrative?

This isn't about innovation for innovation's sake. It's about whether the infrastructure can handle what's being promised.

If you're allocating into private credit or watching the RWA narrative, this is required reading.