#RWA市场 Recently, I've been observing the trends in the RWA market. The two new ETFs launched by Amplify remind me of an often-overlooked question—when we talk about tokenized assets, what exactly are we discussing?

After reading that in-depth analysis of DTCC tokenization, I truly understood the distinction. Many people get excited upon hearing "tokenization," thinking stocks are going on-chain. In reality, DTCC is upgrading the existing equity structure, not fundamentally transforming it. It's like using a more efficient pipeline to transport the same goods, rather than changing the goods themselves.

What lessons does this hold for our prudent investors? Two paths will coexist long-term—one is a modernization upgrade friendly to institutions, and the other is for innovators pursuing self-custody and programmability. The true value isn't about which one wins, but about the right to choose itself.

But this also reminds us of a fundamental question: every innovation comes at a cost. The direct ownership model sounds impressive but entails liquidity fragmentation and risk bearing. While the DTCC model retains the intermediary structure, it offers scale and certainty. We need to recognize our own needs—are we pursuing the last bit of yield, or do we prioritize the stability of principal?

My advice is to stay cautiously attentive rather than blindly chase trends. The RWA market is still in its early stages, and the true landscape will take time to develop. The most important thing now is to focus on solid asset allocation and risk education, leaving room for potential opportunities rather than being dazzled by the glow of concepts.