These days, I've come across a bunch of RWA on-chain projects, and the "liquidity" on their pages looks quite lively.

But when I dig deeper, it almost feels like a hallucination: there are matching mechanisms, but when it comes to redemption, the terms include all kinds of windows, limits, KYC, and even "extensions in special cases"...
To put it simply, what you're buying is an on-chain certificate, not cash that can be withdrawn at any time.
Now, when I look at RWAs, I don't dare to just focus on TVL and pool depth anymore.
Instead, I start checking how the redemption process is written, who can refuse, who to turn to if refused...
The more I look, the more I feel that "being able to sell" and "being able to cash out" are completely two different things.
And that wave of AI Agent automated trading narratives too—everyone's hyping "24/7 help to buy the dip and sell the top," but the real safety measures are about permissions, signatures, and whether it can be drained with a single click...
Anyway, I’d rather earn less than wake up in the middle of the night to find my interactions have been cut off.
As for whether RWAs are really the next entry point, I’m also hesitating.
Maybe the key lies in those few lines of redemption clauses.
What do you all think…