#RWA实物资产代币化 Seeing RWA expand from 4 billion to 18 billion, I am not excited; instead, I am more cautious. Having gone through several cycles, I know that these kinds of numbers are the easiest to deceive people.

The 19 billion liquidation sounds like the market is self-correcting, but don’t be fooled by this narrative—those leveraged positions that get cleared are often retail investors. The true players have long reduced their positions. Now the market claims to shift from speculation to "balance sheet-driven," which sounds very official, but I want to ask: are those RWA projects entering the market clear about their asset side?

Stablecoins allocated to yield products, RWA scale skyrocketing, DEX derivatives quadrupling—these numbers look impressive, but each one hides risks. I’ve seen too many projects claiming to have "real assets," but in reality, they’re just moving traditional financial pitfalls onto the blockchain. When yields are tempting, always ask yourself three questions: Where does the money come from? Where are the risks hidden? Will you be caught off guard when exiting?

The market in 2025 will be more mature, but maturity does not equal safety. It’s just that the methods of cutting leeks have upgraded. Live long enough to see it all; longevity is what matters most.