#数字资产代币化浪潮 Recently, RWA asset tokenization has been very popular, but the waters are quite deep. Let's casually discuss a few major pitfalls.

First, let's talk about regulation. The rules in various countries are fundamentally not unified, and the cross-border flow of tokens on the chain is basically unregulated. What’s even more troublesome is that the traditional financial regulations have not covered the blockchain play at all, and anonymous transactions leave a huge space for insider manipulation—there's no way to investigate. The deadly thing is that this stuff is too tightly bound to the crypto market; once the coin market crashes, tokenized assets are likely to be sold off as well.

The legal aspects are even more chaotic. What exactly does the Token you bought represent? Is it ownership of a real asset or just a worthless promise? Many times, even the investors themselves are unsure. Intermediaries (issuing institutions) also bring huge counterparty risks; if they go bankrupt and run away, the string of code in your hand is basically worthless. In China, there are also some projects that disguise themselves under the banner of tokenization to engage in illegal fundraising, purely to exploit investors.

Technical risks should not be underestimated. Although smart contracts sound sophisticated, they are riddled with vulnerabilities—just in the first half of 2025, there were 17 incidents of contract vulnerabilities related to RWA, with potential losses exceeding $380 million. The scalability and cross-chain compatibility of blockchain are still in the exploratory phase, with various technologies used across different platforms; transferring assets across chains may get stuck or encounter security incidents. Decentralization sounds great, but risks such as single point attacks and virus intrusions still exist.

Market operations have become even more magical. There was a token tracking Amazon's stock price that actually soared higher than the real stock price, clearly a case of speculative bubble. The promotions about "reducing costs" and "improving efficiency" are basically just empty talk, with very little actual data to support them. Moreover, many tokenized products are only open to institutions, leaving retail investors unable to participate, and the information disclosure is not transparent, with the party suffering always being the one with asymmetric information.

So tokenization is cool in terms of technology, but there are more pitfalls. Charging in without any risk awareness is really not a wise choice.