RWA is hot right now, and the numbers speak for themselves: Gate’s RWA perpetual open interest hit $378.8M is nearly half the global CEX market - while trading volume jumped 5.3× in just three months. That’s not just noise.

To me, this feels different from previous “narrative” cycles. Why? Because we’re seeing actual trading volume in real-world assets like stocks and commodities, not just speculation on future promises. When traditional financial instruments trade on crypto rails at this scale, it signals genuine demand - especially from players who want 24/7 access and better liquidity.

But I’m not all-in bullish on every RWA sub-sector. Tokenized real estate, for example, still looks clunky and illiquid. Equities and Treasuries, though, are gaining real traction. So I’d say RWA will be a major pillar of the next cycle, but not the only one - and certainly not all RWAs are created equal.

The key question isn’t whether this is temporary; it’s whether infrastructure (regulation, custody, secondary markets) can keep up. If it does, RWA isn’t a flash in the pan - it’s the bridge between crypto and traditional finance that we’ve been waiting for. For now, I’m watching closely, but I’m cautiously optimistic.

#GateRWA永续合约持仓量全球第一