Recently looking at a bunch of RWA on-chain project pools, the apparent liquidity looks impressive, with curves deep like the ocean. But in reality, many are "you can sell, but may not be able to actually cash out." To put it simply, the key is still the redemption terms: T+ how many days, limits, whitelist, if risk control kicks in, it’s directly suspended... These are written in small print, and the on-chain depth is more like an illusion, though they still charge fees without fail.



These days, someone is again hyping AI Agents for automated trading and on-chain interactions. I have some doubts: who is really telling the story, and who is just focusing on safety details? No matter how fast automation runs, if the redemption gate is closed, the arbitrage models can only stare in disbelief. Anyway, I now prioritize "can it be redeemed at any time, and who has the say" as the first rule. Take it slow if needed, and don’t end up realizing you bought a queue number.
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