Lately, the more I look into what’s been going on-chain with RWA (Real-World Assets), the more it looks like rummaging through an archive and finding a pile of “seemingly liquid” folders: there are token shares on-chain and transaction records, but when it’s time to actually redeem, the terms are written more convolutedly than KYC… To put it plainly, liquidity is often just an illusion—someone is taking the other side in the secondary market. Whether the underlying assets can be redeemed on time and whether they can be unlocked when pressure hits is what really matters.

Over the past couple of days, I’ve also been seeing wave after wave of narratives about AI Agents plus automated trading. Everyone is hyping “fully automated on-chain interaction,” but who’s going to backstop the safety boundaries? If contract permissions, oracles, or the custodianship mechanism slips up, it ultimately all comes back to the redemption terms and where responsibility lies.

After I lowered my expectations, I actually feel lighter: treat it first as a high-threshold, slow-turnover product, and don’t rush to use it as a stablecoin substitute. After all, only things that can survive multiple rounds of redemption stress tests are worth me flipping through a few more pages.