The opportunities in this field are vast, but there are also many pitfalls.

Written by: Xu Qian

Introduction

RWA, due to its characteristic of "combining the virtual and the real," often makes fraudulent projects more deceptive. They package themselves using the trust of traditional finance and the "innovation" facade of blockchain. This track has enormous potential and the accompanying risks.

The opportunities in this field are vast, but there are also many pitfalls. This article aims to break down why RWA has become so popular and a breeding ground for scams. It can help friends who are trying to understand the risks and make rational judgments.

Why has RWA suddenly become popular?

In simple terms, the rise of RWA is not accidental; it is mainly driven by four powerful forces, which can be summarized with the keywords "market confidence," "technological maturity," "regulatory improvement," and "investment demand."

"Market Confidence"

When traditional financial "big players" enter the market, they bring stronger compliance stability and funding support to the RWA market, promoting the integration of traditional finance and crypto assets, which in turn enhances market confidence. Global top asset management companies like BlackRock and Fidelity have launched or applied for blockchain-based funds, recognizing the prospects of RWA-related industries.

"Technological Maturity"

After years of development, blockchain technology, including smart contracts, has matured, providing a reliable technical foundation for asset tokenization. It can solve the legal and technical challenges of asset tokenization, making the digitalization and trading of traditional assets possible.

"Regulatory Improvement"

Although global rules have not yet been unified, places like the United States and Singapore have begun to seriously study and gradually introduce regulations on tokenized assets. Different jurisdictions have various guidelines or legislation regarding the legal status of digital and crypto assets, providing regulatory support for the implementation and promotion of RWA.

"Investment Demand"

Traditional investments have high entry barriers, low liquidity, and long cycles. RWA lowers the investment threshold and increases liquidity by tokenizing real-world assets into smaller shares, attracting more investors. At the same time, RWA introduces low-risk assets like government bonds, providing investors with stable investment channels and products.

Thus, whether it is the self-development within the crypto asset circle or the strong demand from investors, RWA is a product of this dual demand, where traditional assets gain liquidity and new users through crypto technology, while crypto capital gains stable returns from the real world.

Is RWA really a good investment path?

RWA is a highly promising "track" and industry, but not every "project" is a good investment. It contains both enormous opportunities and severe risks.

Opportunities and Advantages:

1. Diversified Sources of Income: It provides traditional market-related income sources for crypto investment portfolios, such as government bond interest, commercial real estate rent, and trade receivables, helping to diversify risks.

2. Stable Cash Flow: Compared to the highly volatile cryptocurrencies, many RWA assets (such as bonds and lease assets) can provide predictable and continuous cash flow returns.

3. "Security" Backed by Assets: Theoretically, a token backed by real, quality assets has more intrinsic value support than a purely speculative altcoin or algorithmic stablecoin, aligning with the logic of traditional value investing.

Risks and Challenges:

1. Asset Risks: Some RWA assets may not exist, projects may be at risk, or assets may be mortgaged or significantly devalued. Additionally, some assets may have low liquidity, making it difficult to maintain yields, exposing investors to significant risks. Furthermore, whether the assets are held by regulated and reliable third-party custodians also poses potential risks.

2. Legal and Regulatory Risks: Some RWA tokenizations may be classified as "securities" by regulatory authorities. Once classified, project parties will face enormous compliance costs and legal litigation risks. Moreover, if the project party goes bankrupt or faces operational crises, do RWA token holders have recourse to the underlying assets? Is the token a property right or a debt right? Can it take precedence over other creditors? These legal aspects are not clearly defined, and investors face significant risks in protecting their rights.

3. Technical Risks: If there are vulnerabilities in the on-chain smart contracts, it may lead to asset theft or inability to redeem.

4. Liquidity Risks: Although the goal is to provide liquidity for illiquid assets, some RWA tokens may lack trading momentum in the secondary market, making it difficult for investors to quickly liquidate.

In summary, if one does not possess professional due diligence capabilities, risk identification skills, and a long-term investment perspective, and only seeks short-term profits, then RWA may not be suitable for the average investor.

How to Identify and Prevent RWA Project Scams?

1. First, ask about the assets: Are they real? How much are they worth?

If the assets themselves are fictional or exaggerated, it is likely a scam.

Projects must provide proof of assets, such as property certificates, bond certificates, etc. One should not just listen but verify through public channels whether the claims are true. Similarly, the value of the assets cannot be determined solely by the project party. An independent evaluation report from a socially recognized third-party institution is needed. If you have never heard of the evaluation agency, be highly cautious.

2. Next, look at the protection: What protects my investment rights?

A reliable team and compliance framework are essential for investment protection. It should be clear who legally holds these underlying assets (usually a legal entity specifically established for the project). Where is this entity registered? Are the laws sound and complete? Assets must be held by compliant, strictly regulated financial institutions (such as large banks or licensed custodians). You can verify their relationship with the project. Do the core members of the project have solid, verifiable backgrounds in traditional finance or law? Can their regulatory approval be verified on the official website of national financial regulatory authorities or through legitimate channels?

Investor rights should not rely on the project party's verbal promises but on concrete legal and custodial mechanisms. Do investors have legal rights to the assets corresponding to the tokens? If issues arise, how can investors protect their legal rights? If the terms are vague on these points, there is a significant risk.

3. Analyze the model: Where do the high returns come from? Are they sustainable?

Unreasonably high returns are often bait for scams. The project party must clearly and specifically explain the sources of income. For example, where does the rental income come from? Which bonds generate the interest? They should provide verifiable proof of property rights, bond certificates, bank statements, or audit records. Be skeptical of those promising "stable high returns" and assess whether the business model can sustainably generate high profits. If they cannot explain clearly or the logic is strained, it is likely a scam.

The key to RWA projects lies in penetrating the technological shell of blockchain to examine: Are the assets real? Are the rights protected? Is the operation compliant? Is the logic of returns reasonable? Do not easily trust promotions; rely on professional verification, establish your own verification steps, and always maintain vigilance towards high returns. By verifying multiple times, risks can be significantly reduced.

Conclusion

The RWA track is bringing real-world assets into the blockchain world on a large scale. We should be clear that the greater the opportunity, the greater the risk, and we must remain cautious and respectful.

With reliable legal protections and professional risk identification capabilities, we can clear the fog and truly grasp this trend. While RWA creates value, we must also identify various scams to avoid becoming victims of the times.

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