The gold RWA track is experiencing a shift from centralization to decentralization. What was once dominated by two leading products has now evolved into four parallel differentiated routes.

Mainstream players in the market are showcasing their strengths—some focus on building trading depth, securing a dominant position in trading through liquidity and derivatives applications; others approach from compliance and audit transparency, gradually gaining recognition and allocation from traditional financial institutions; some products attempt to break the limitations of single holdings by adding payment functions and yield-bearing mechanisms, expanding practical application scenarios; there are also teams accelerating growth through multi-layered revenue designs and hybrid asset architectures (supporting both ERC-20 and ERC-721).

In terms of market cap, monthly transfer frequency, and trading activity, these four routes show significant differences in market performance. Some products excel in liquidity depth, while others are trusted for institutional-grade credibility. For investors, choosing which track to pursue depends on their own needs—those seeking trading flexibility and derivatives should target liquidity leaders; those looking for compliant allocations should focus on transparency builders; and those interested in exploring application innovations might consider ecosystem-expanding products.