#RWA代币化与资产 Seeing the move by ETHZilla, I have to be honest. Selling 24,200 ETH to raise $74.5 million to pay off debt, then claiming to turn around through RWA tokenization—I've seen this routine too many times.

In the early days, projects that publicly all-in on a certain narrative often ended up like this: when growth stagnates and the books no longer look good, they start telling a new story. From DeFi to NFTs, and now to RWA, it's the same old trick. What's more painful is that ETHZ stock price actually declined contrary to the market after this "strategic adjustment" was announced, and the market's vote already says everything.

I want to remind everyone of a key lesson: never be fooled by a project's narrative of transformation. When a project needs to sell off core assets on a large scale to maintain operations and suddenly starts describing future growth prospects, what does that usually mean? It indicates that their current value support can no longer hold up. RWA is indeed a major direction, but the question is—how many projects truly have the ability and qualifications to do this, rather than just riding the wave of hype?

The key is to see through the real motivation behind these shifts: is it because they've discovered a better track and are proactively upgrading, or are they passively adjusting under duress to stop the bleeding? The risk levels of these two are completely different. The longer you stay active on-chain, the more this distinction will determine whether you survive or get cut.