#RWA代币化 Seeing a16z say that by 2026, RWA tokenization will become a hot trend, I have to pour cold water on that. Over the past two years, I've seen too many projects using "real-world assets on the chain" as a gimmick, but in reality, they are just transplanting traditional financial methods onto the blockchain.

Where's the problem? The combination of stablecoins and RWA sounds beautiful, but most projects are just on-paper tokenizations. Can those so-called "property tokens" and "debt tokens" you buy really be redeemed 1:1? Who will compensate if something goes wrong? There’s no arbitration mechanism on-chain, and the legal framework is still being explored.

The most painful part is that this just creates new opportunities for manipulators to harvest. Packaging it as RWA concept, hyping it up, retail investors rush in to buy the dip, then the tokens depreciate, and the project team "runs away" or "makes technical adjustments." Sounds familiar, right?

My advice is not to be brainwashed by words like "financial democratization" and "全民财富管理" (全民 wealth management). Before a solid legal framework is in place, any RWA project should ask three questions: Where are the real assets behind it? Who guarantees the risk repayment? What happens when liquidity dries up? If you can't answer these questions, don’t touch it. It’s a once-in-a-lifetime experience, but first, you need to survive.