最近不少人讨论：RWA 项目都在自建公链，是否意味着 ETH 会错过这轮 RWA 叙事？ There’s been a lot of talk lately — RWA projects are launching their own chains, and some say ETH might miss this whole narrative. 我的观点恰恰相反：RWA 的热潮，反而会让 ETH 受益更大。 I actually believe the opposite — RWA hype is exactly what will drive more value into Ethereum. 自古爆款项目，都是“引流型”项目 Big Winners Always Pulled In Outside Flow 像 LUNA @terra_money 和 @Stepnofficial ，是靠超高 APY 和机制创新，把圈外用户吸引进来，形成巨大流量。 Projects like LUNA and StepN took off because they offered crazy yields and pulled retail from outside the crypto space. 而这轮 RWA 的玩法完全不同，是把传统金融资产（如美债、房地产）上链，然后让圈内用户来接盘。 But RWA is doing the reverse — it's moving traditional assets (like bonds, real estate) on-chain and expecting crypto users to care. 圈内人真的会为一个年化 5% 的稳定收益买单吗？说实话，大多数人连点开都不会点。 Do crypto users really care about a 5% yield? Let’s be honest — most won’t even bother to click. 所以这注定无法复刻 LUNA、StepN 的模式。 That’s why this cycle won’t repeat the LUNA-style breakout. 即使RWA项目背景再强，我也不认为它们能跑赢比特币 Even With Strong Backers, RWA Chains Won’t Outperform BTC RWA 是一个合理的方向，但它不是一个能“炒热”的情绪叙事。 RWA is fundamentally sound — but it lacks the emotional hype that drives retail-driven pumps. 所以我不认为哪条 RWA 公链能在下轮跑赢 BTC。 So I don’t think any standalone RWA chain will outperform BTC next cycle. 真正有机会的，是 RWA 上链后带来的 DeFi 乐高组合 The Real Opportunity Lies in RWA × DeFi Legos on ETH例如： For example:

• 抵押美债 → 铸造 DAI（@SkyEcosystem）
• Tokenized Treasuries → minting DAI via @SkyEcosystem
• 收益聚合器 → 优化链上 + 链下资产收益
• Yield aggregators → blending on-chain and off-chain yield
• 衍生品 → 房产期权、美债期货、NFT 票据
• RWA Derivatives → tokenized real estate options, treasury futures, NFT debt products

而这些玩法要落地，最好的土壤依然是 ETH And All of That Needs ETH to Work