Recently looking at a bunch of RWA on-chain projects, the liquidity on the page looks quite lively, but my first reaction now is: is this "sellable" or "redeemable"? Frankly, the redemption clause is the underlying price anchor, T+ days, minimum redemption amount, who can redeem, whether it can be paused during risk control... I treat all these unclear as liquidity illusions.

What's even more funny is that many are accompanied by stories of AI Agents/auto-trading, claiming they can run strategies on-chain and automatically rebalance. Okay, anyone can boast about the narrative, but I want to see how they handle signature permissions, contract upgrades, oracles, and who really controls the "auto stop-loss" during black swan events.

What I fear missing the most isn't actually the opportunity, but that the redemption window suddenly closes while I'm still dreaming. Anyway, I now prefer to earn less rather than risk not writing the exit conditions on paper first.