House #RWA热潮 , bonds, and company equity are all put on the chain, which sounds like the future of finance, but in reality, it feels like traditional assets are just dressed in a blockchain vest. Traditional finance has always been bureaucratic; can these on-chain assets truly circulate freely? It might just turn into 'on-chain approval + smart control.' What about regulation? As long as you don't obediently comply, you could end up 'zeroed out off-chain' in no time. In short, it looks lively, but playing along requires enough obedience.