Tokenization of real-world assets (RWA) is quite a vague concept just by looking at it. But a recent set of data completely changed my view — by Q3 2025, the RWA market cap has surged to $33.8 billion, a 34.8% increase in just one quarter. From $5 billion in 2022 to over $24 billion in mid-2025, the growth curve is incredibly steep.

Speaking of which, RWA isn't about overthrowing crypto; rather, it's more like "charging" this ecosystem. It truly attracts trillions of dollars of traditional capital that previously couldn't be seen in the crypto world. Under this wave, public chains, oracles, custodial services, and DeFi protocols have become the core underlying infrastructure of the entire system.

Essentially, this transformation is led by the traditional financial world. The goal is very clear — to make asset liquidity more efficient. In a broader context, whether it's knowledge, assets, or anything of value, they should be able to cross borders, reduce costs, and improve efficiency. What some are working on now is building the infrastructure for this kind of "efficient flow." This is the direction truly worth paying attention to.