The concept of RWA has been talked about for almost two years. So what’s the result? It has been turned into a "change the soup without changing the medicine" farce.

On one side, various platforms are waving the banner of "asset on the chain" to harvest profits; on the other side, follow-up projects are copying and pasting the old trick of "deposit assets to earn interest." The so-called third revolution in asset management, how did it become a tool for capital games?

Today, let’s get straight to the point: where exactly is RWA stuck? Why might AI intelligent agents actually be the real answer?

First, a quick explanation for those unfamiliar—RWA, simply put, is about bringing real-world assets (like houses, equity, artworks) onto the blockchain for management and trading. Sounds appealing, right? Especially now with the rise of stablecoins, this track is almost an inevitable trend.

But.

The ideal is grand, but the reality is painfully thin. The RWA projects on the market? I dare say, 90% are just "patchwork" stitched together, unlikely to last long.

Why? Two fatal flaws: technology can’t support the ambition, and the mode has no soul.

First, about technology. The current mainstream smart contracts are fine for simple on-chain bookkeeping, but to support the full process of real assets—ownership confirmation, transaction settlement, risk control—those hardcore steps? It’s like a small horse pulling a big cart.

Take a basic example: the property ownership certificate involves cross-verification by multiple government departments in reality. What’s the use of just recording a simple data point on the chain? Once disputes arise, it’s back to traditional legal procedures to resolve. So what’s the point of putting it on the chain?