My attitude towards RWA on the chain has recently been "version updated": I used to get a little excited whenever I saw a bunch of on-chain liquidity, but now I first ask myself, is this really money that can be exchanged back at any time, or is it just a deep illusion created? To put it simply, the redemption clause is the underlying logic—things like T+ days, limits, suspensions, who has the final interpretive authority... if you don't understand these clearly, the on-chain activity might just be spectatorship, no matter how lively it looks.

Recently, there are also a bunch of AI Agents/auto-trading running around, the narrative is quite loud, but the safety details are becoming vague: who is controlling contract permissions, who is controlling the redemption path, you can see it at a glance. Anyway, I still stick to my old mantra: survive first, then talk about returns.