#真实世界资产代币化 Seeing the wave of RWA, I need to analyze it calmly. Dragonfly says Solana and Ethereum are both winners, but the data is right here—Ethereum has $183.7 billion, while Solana only has $15.9 billion. What does this gap indicate? It shows that the RWA cake hasn't truly been shared with Solana yet. Don't be fooled by statements like "both are Facebook."

What’s more worth cautioning is the logic behind these institutions'布局. Kraken acquired Backed Finance to tokenize stocks, and Circle is pushing tokenized precious metals. They are not targeting retail investors but aiming to bring traditional financial assets onto the chain through RWA. It sounds appealing, but I have to ask a common question: where are the risks?

Tokenized assets may seem more liquid, but fundamentally they are financial products, subject to regulation and market volatility. Many projects jumping on the RWA bandwagon are just changing shells to continue the same old scams. I’ve seen too many "innovative tracks" ultimately turn into tools for harvesting retail investors.

The real RWA investment opportunities lie in projects backed by genuine assets and with proper institutional布局, not in those wild projects claiming to overthrow traditional finance. Institutional entry is a good signal, but it also means risk pricing will become more complex—retail investors can easily be played out by professional institutions.

The secret to longevity is: don’t chase hot topics, study fundamentals, and clearly see who is making money and who is being exploited.