The concept of RWA has been hot since the ICO era in 2017, and every bull market sees VCs bringing out coins. As retail investors, we can profit from trading coins based on the RWA hype, potentially gaining tenfold, hundredfold, or thousandfold returns, but don't truly believe it; the bull market has ended and everything will go to zero.
The revolutionary significance of blockchain technology lies in constructing a trust and value system that does not rely on centralized authority—namely, 'decentralized value consensus.'
For example, although BTC is developed by a centralized team, its value is not promised or anchored to any specific asset by any centralized institution. Its value is completely 'minted' by the consensus of global participants. This is the core of blockchain technology in creating on-chain value.
RWA (Real World Assets on-chain) refers to anchoring real-world assets to blockchain tokens, with the anchoring relationship promised by centralized institutions, and its credibility comes from the protection of laws and centralized governments.
This essentially represents a form of 'centralized value anchoring.' It is highly similar to the model of stablecoins like USDT: its value stability completely relies on the centralized credit and payment ability of the issuer or the custodian of the underlying assets, rather than on the blockchain itself or on-chain consensus. This type of asset can be called 'on-chain centralized tokens,' which are an extension of traditional finance on-chain.
In other words, traditional assets can be anchored to cryptocurrencies or to a piece of paper; there is no difference.
Traditional centralized systems (certificates, databases, paper contracts, stocks, metals) are sufficient to efficiently handle value representation based on centralized trust, and there is no need for blockchain.
This is unrelated to blockchain and fundamentally opposes the 'decentralized native crypto assets' represented by BTC.
If real assets are on-chain, but we still rely on centralized institutions to anchor value, then the unique advantages of blockchain are severely weakened.
If this is seen as the future direction of the blockchain revolution, it undoubtedly deviates from the original intention and reverses history.