Just saw that the sovereign fund Mubadala from Abu Dhabi has invested in a platform called Stake. I checked this platform, and it is very similar to the real estate RWA projects from a few years ago, which transform houses into assets, divided into very small portions for investment. For instance, this time, Stake allows investments in "real estate" starting from a minimum of 500 dirhams (less than 1,000 yuan).

However, Stake is not a cryptocurrency project; the split assets are not on-chain but rather certified through traditional legal methods. Essentially, it is closer to "fragmented real estate investment" than to RWA in the context of the crypto world. Users do not receive tokens on the chain but rather a legally protected proof of rights given to investors through contractual rights in the real world.

The distribution of earnings, asset custody, and exit processes all depend on traditional oversight, auditing, custodianship, and legal enforcement, rather than relying on smart contracts.

From my perspective, this is actually not much different in monetization form from the real estate blockchain trends a few years ago. In fact, using smart contracts for on-chain certification is not impossible; it just tests the platform's compliance and authenticity more. Mubadala's entry might not only bring financial support but also the endorsement of the Abu Dhabi sovereign fund.

This is also why the RWA industry has struggled to advance; it is not due to a lack of qualified targets but rather insufficient compliance and certification.

Many so-called RWAs in the crypto sphere excel at "going on-chain," but their weakest points are "whether the assets are verifiable, whether ownership is clear, who is responsible in case of default, and how liquidation is executed." In contrast, Stake first ensures compliance, making the future task of going on-chain much easier.

Of course, it cannot be denied that the biggest challenge for such projects is not compliance or certification, but liquidity.

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