Recently, watching RWA on the chain feels a bit like moving "physical assets" onto the blockchain bookshelf— the cover looks quite exquisite, but only on the last page do you realize: the redemption clause is the main content. Many pools seem to have deep liquidity, but they actually resemble rows of hardcover books in a library—looking nice, but if you try to borrow a bunch at once, the administrator starts talking about "reservations, queues, limits, weekday processing"... That’s how the illusion of liquidity is created.

Right now, I focus on two things: Is the redemption T+0 or T+N? Are there gates (pause/limits/discounts)? To put it simply, the liquidity on-chain is just the entry point; the exit is in the contract, not in the candlestick charts.

Additionally, this wave of AI Agents and automated trading is quite popular, with narratives being hyped up, but I’m more worried that there are too few people “paying attention to security” when interacting with contracts: authorization, callbacks, layered routing—ultimately, assets are transferred multiple times like parcels, and you don’t even know where they got lost. Anyway, I’d rather take it slow, understand the terms clearly before taking action.