When discussing RWA, many people focus on whether the assets themselves are real. But I think that's a narrow view——the real bottleneck is at the transaction layer.

No matter how good the assets are, without a sustainable pricing mechanism and an open matching process, they are just packaged tools. It's like a room with a key but no lock; no matter how fancy the decoration, it's useless.

This gap is actually quite large. What the industry needs is a liquidity infrastructure that can truly serve the crypto market. RWAX is working on exactly that—building from the fundamental logic of transaction pricing, rather than simply bringing traditional assets onto the chain. This is the key to moving RWA from paper to practicality.