There were many discussions about the RWA track last year. What are the key issues now? Instead of worrying about whether the assets are genuine, it's better to identify where the bottleneck is——the crypto market severely lacks liquidity and pricing mechanisms capable of accommodating these assets.

Imagine even the highest quality physical assets on the chain; without a continuous public matching system, they become "on-chain exhibits" with only viewing value. This is the real dilemma. Price discovery requires a market, and the market needs liquidity——both are indispensable. For RWA to truly break through, it's not about asset quality but whether an effective trading ecosystem can be established.