#DeFi生态发展 RWA dropped out of the top ten at the beginning of the year and has now risen to fifth, and this speed is indeed worth paying attention to. The $17 billion TVL growth is mainly driven by real asset-liability demand, no longer just concept hype.

Recently, I have been observing several traders focusing on RWA strategies. Their logic is very clear: in a high-interest-rate environment, on-chain US bonds and private credit yields are enough to attract institutional funds. This is real cash flow, unlike some purely speculative sectors that rely on storytelling to survive. Ethereum remains the main battleground, which also means liquidity and security are guaranteed.

But there is a pitfall to watch out for—don't be blinded by the hype of the RWA concept. The dominance of permissioned networks at the institutional level indicates that large funds have barriers to entry, and the targets available for retail investors are actually limited. My advice is, if you want to follow this track, prioritize RWA protocols within the Ethereum ecosystem that have genuine TVL growth, observe the holding periods and risk management strategies of traders in these projects, and avoid blindly chasing high prices.

Tokenized US bonds are the most stable entry point. While commodity tokenization has good prospects, it will be more volatile and requires appropriate stop-loss strategies.