Lately, when I look at RWA on-chain projects, the more I look, the more it feels like they’re hiding the “redemption” part on the last page of the manual: that on-chain liquidity looks quite lively, but if you really want to exit with a large amount, you’ll most likely still end up back at an offline counter in line. The terms are written in a very artistic way, with all sorts of T+N, limits, and switches for pausing redemptions. In plain terms, just because something can be traded on-chain doesn’t mean the underlying assets can be liquidated anytime—don’t let the order-book depth fool you.

I’m also a bit annoyed by that wave of AI Agents flooding the feed: automatic trading, automatic interaction—sounds really cool—but who’s going to stand behind security? Contract permissions, escrow addresses, risk-control thresholds—no one wants to look at those; everyone just wants to look at the narrative diagrams… Even my partner complains that I’m “always looking at the fine print,” but it’s in the fine print where the real knives are. Anyway, when I look at RWA now, I first read the redemption clauses as the core asset.