Recently, I've been looking at RWA on-chain projects again, and the more I look, the more I feel that the word "liquidity" can easily create illusions: being able to buy and sell on the chain doesn't mean you can redeem at any time, especially with clauses like T+N, limits, pause windows... Frankly, the key isn't whether you can click the trade button, but whether the other side is willing and able to pay according to the agreement.

AI agents and automated trading are the same; everyone is touting "automation taking over everything," but those who are most cautious about security are actually the ones constantly questioning authorization, custody, and liquidation boundaries.

I'm now just lowering my expectations: treating it as a long-term narrative, not as a savings account, makes me much more relaxed. For now, let's wait until there's a clearer redemption mechanism.