Actually, everyone understands that when RWA is on the chain and looks "deep," it seems very substantial.

But when I review the capital flow, I always feel a bit hallucinated: the buy and sell orders hanging there don't necessarily mean you can really exchange for the underlying assets.
The key is what the redemption terms say, who can redeem, how long it takes, and how to queue during a run on the bank... these are what determine liquidity.

Last night, I looked at the prospectuses of two projects.
On-chain transfers are very fast, but the redemption window is once a week, and KYC is required.
The fees are not low.
In plain terms, what you're getting on the chain is "voucher liquidity," not asset liquidity.
Recently, the wave of AI Agents and automated trading has been quite hot.
Many people boast "automatic interaction + RWA = new money."
I'm actually more concerned about whether it will blindly lead a bunch of people into contracts, with safety and permissions not thoroughly checked—if something goes wrong, it could be a chain reaction of stampedes.
For now, I'll keep an eye on the redemption pathways and the real entry and exit points.