There’s a lot of chatter around RWAs right now. I get it, this is the perfect environment for the narrative to attract funding. It comes with a semi-plausible "institutions are coming" angle, and the necessary infra to support it at scale is more or less in place.
But the "fundamentals" people expect these RWAs, (aside from treasury bonds), to bring to crypto depend on their real-world ability to generate revenue. Assets that struggle to find buyers in TradFi are not going to unlock new value just by being put onchain. The idea that RWAs will achieve greater liquidity onchain is mostly an illusion.