Based on the precious metals market in December, the development progress of the RWA track is indeed lagging. Although there are many platforms claiming to facilitate on-chain asset trading, very few varieties are truly tradable with sufficient liquidity. Take precious metals as an example, gold has a relatively complete ecosystem, but for other commodities, there are hardly any professional platforms, and the depth is even more problematic. This reflects that the transition of RWA from concept to practicality is separated by a significant gap — it requires not only better on-chain infrastructure but also genuine participation from the issuers of real assets. Relying solely on exchanges' publicity and empty slogans cannot fill this gap.