#现实世界资产代币化 Recently, while tracking data on tokenized US stocks, I discovered an interesting phenomenon—Ondo's xTSLA shows a 0.03% slippage on the frontend, but the actual on-chain liquidity is only $7,000, and the real slippage could be as high as 45%. The underlying logic is that liquidity is mainly provided by off-chain market makers during US stock trading hours, creating a vacuum after hours.

This exposes the core contradiction in the current RWA (Real-World Asset) track: tokenized stocks seem to enable 24/7 trading, but the true liquidity landscape is heavily constrained by traditional market hours. In other words, it essentially still depends on the rhythm of traditional finance, just wrapped in an on-chain shell.

Custodial models do offer stronger asset security, but this design flaw makes me pay more attention to execution details—batch settlement mechanisms, oracle delays, price discovery during non-trading hours—all of which determine the actual user experience. Currently, many users might be silently paying liquidity premiums behind the apparent 0.4% slippage.

What’s truly worth observing is whether this round of RWA development can break free from the "dependence on traditional markets" dilemma. If all it does is simply move stocks onto the chain, then the advantages of crypto—borderless, efficient portfolio management, real-time settlement—are severely undermined. From the perspective of whale capital, large participants are highly sensitive to these liquidity traps, which could impact the actual capacity of this track.