I have been paying close attention to the development of the RWA track recently, and this niche field has indeed attracted the attention of many investors. Here are my observations and thoughts.

First, in terms of funding scale, RWA has a clear potential for trillions of dollars in incremental capital. This is not a game of virtual asset stockpiles, but the new market space created by bringing real assets on-chain, which is quite rare.

Second, in the specialized areas of compliance and privacy, there are currently not many market players directly targeting these aspects. Most projects either focus on privacy or on compliance, with few able to address both simultaneously. This differentiated positioning itself forms a competitive moat.

The third point, which is also the most interesting, is the first-mover advantage. After seeing a project collaborate with a leading compliance platform, this demonstration effect will gradually spread. As more financial institutions seek overseas expansion and on-chain compliance solutions, they will naturally refer to the experiences of these pioneers. This industry-level recognition is being continuously built up.