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.