#代币化资产与RWA After reading Coinbase's research report, I have to be honest: this wave of dedicated chains is less about technological innovation and more about institutions playing a "territory" game.

In my years in the crypto space, I've seen too many projects claiming to be "revolutionary" that ultimately become tools for harvesting retail investors. Now, these big institutions pushing their own dedicated chains follow the same logic—control. Circle's Arc, Stripe's Tempo, Canton Network—basically, they want to lock users and assets into their ecosystems, which allows them to avoid platform risks from competitors and monopolize the market profits.

But there's a huge pitfall to watch out for: in the short term, these dedicated chains will raise funds wildly, exaggerate their prospects, and attract wave after wave of retail investors to be the bagholders. Especially with the RWA concept, the potential of trillions of dollars makes people's eyes light up, but very few projects that can actually generate cash flow on the ground. I've seen many projects that start with storytelling to raise money, only for the team to run away or quietly die off later.

In the long run, the report's idea of a "network within a network" sounds beautiful, but interoperability is extremely difficult—just look into the security incidents involving cross-chain bridges. This isn't a technical issue; it's a conflict of interests—no one is willing to truly open up their ecosystem.

To survive this wave, remember one thing: don't be blinded by the big pie of RWA. First, check if the project has actual users, real trading volume, and reasonable tokenomics. No matter how impressive a dedicated chain is, if its core purpose is just to issue tokens and make a quick profit, stay far away.