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There has been a lot of discussion about RWA, but the core issues haven't been fully addressed. The industry always emphasizes regulatory friendliness, backing investors, and asset compliance, but as an investor genuinely interested in participating, I care about a different set of questions:
After assets are tokenized on the chain, where do the transactions take place? Where does the liquidity come from? How is the price discovered? Are these mechanisms well-designed?
To be honest, many projects treat "on-chain" as the finish line, but their subsequent market operations are vague. Without sufficient trading depth, market makers, or a reasonable secondary market design, the so-called on-chain proof of real assets is essentially no different from tokens that no one wants.
Buyers, sellers, and liquidity—none can be missing. Simply tokenizing traditional assets is just the first step. How to enable these assets to truly circulate, be priced, and traded on the chain is the decisive factor for whether RWA can be implemented. Many projects are still exploring this aspect.
Well said, right now it's just a bunch of banknotes on the chain, no one is willing to take over.
That's the real problem. The secondary market hasn't figured it out at all, yet they're still hyping RWA.
Even if the token really goes on-chain, if no one trades in the secondary market, it's just waste paper.
The core issue is the lack of market makers and trading depth; without these two, RWA is just a dead token.
Not all asset tokenizations can be successfully implemented; it depends on whether the subsequent market design is in place.
By the way, which RWA project has truly explained the trading mechanism thoroughly?
Where does liquidity come from? It's quite confusing.
Right now, everyone is betting that this will finally come to fruition.
So what if it's on the chain? If no one trades, it's a dead coin.
The key is liquidity, which has been seriously overlooked.
The biggest pitfall of RWA is this—thinking that real assets can automatically trade, fools.
If the secondary market isn't sorted out, even the most compliant assets are useless.
Project teams are all just telling stories, none are seriously designing the market.
Not all on-chain certificates can be traded; someone has to take the other side.
This is what I want to see—who can truly solve the liquidity problem.
Lack of liquidity means everything is pointless.
On-chain ≠ someone buying, many projects still haven't figured out this logic.
They're just trying to scam funding, and they don't care about what happens next.
RWA projects are all paper tigers—what about liquidity?
Just shouting about compliance is useless. What about the secondary market, everyone?
Where have all the market makers gone? That's the real problem.
To put it simply, it's just token skinning; the liquidity is just as terrible.
Liquidity is indeed a major weakness. Without a deep market, who dares to buy?
Isn't this just a rebranding of tokens and starting over?
The key is to have genuine market makers involved; otherwise, on-chain activity remains fragmented.
It seems that project teams only care about fundraising and PR, and the subsequent market design is indeed hasty.
It's actually a pseudo-proposition; without solving the liquidity problem, RWA is just armchair strategy.
It's easy to get on the chain, but who will buy and who will sell? That's the real issue.
Project teams all act cool, compliance and regulatory friendliness—who the hell cares where the real transactions happen?
If there's no secondary market, it's just an air coin.
That's a harsh point—being on the chain ≠ someone buying; that's indeed a problem.
Another bunch of PPT projects, what about market makers? What about the secondary market? It's all just air.
Liquidity is the key; without it, RWA is all for nothing.