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RWA has indeed become a hot topic recently, but to be honest, most projects on the market are still in the "conceptual stage"—it sounds flashy, but the actual implementation capabilities are limited.
The core issue is actually one: is there a truly usable, freely tradable entry point that can generate effective liquidity? This is not only a technical problem but also a market reality. Without a complete trading ecosystem and market depth, even the best RWA concepts are just empty talk. The key now is to see who can fill this gap.