Recently, I've seen a bunch of projects on RWA going on-chain discussing "liquidity." Frankly, what I fear most is the illusion of liquidity: being able to transfer on the chain ≠ the underlying assets being redeemable at any time. The redemption clauses with those "window periods / queuing / suspension of redemption / trustee discretion" are usually ignored, but when something goes wrong, they become traps. Anyway, when I see RWA now, my first instinct is to check the redemption trigger conditions and who holds the key to shut the gate.

By the way, AI agents and automated trading systems are also quite popular, with narratives being hyped up, but as on-chain interactions increase, small security issues like permissions, signatures, and residual authorizations can turn into big problems... I’d rather go slower. For now, I’ll review the redemption clauses and contract permissions of a few protocols I hold again.