Have you recently looked at those RWA projects that are getting put on-chain, and felt a bit awkward, just like I do… On the surface, the liquidity in the pool looks pretty “as it should be,” but once you read the redemption terms, you start to see question marks: T+ how many days, quota caps, in case of what situations it can be paused, and even leaving you a little gap for a “manager who can adjust.” Basically, this kind of liquidity is a bit like the reflection in a mirror—looks bright, but when you reach out, you might not actually be able to touch it.

Now, with the hype around AI Agents and automated trading piling on, a lot of on-chain interactions look very busy, but I’m more concerned with who holds the permissions and where the emergency switch is. No matter how fresh the story is—if the redemption and the permissions aren’t clear, I’d rather just act like I didn’t notice… People who’ve been blocked before get it.