Most of what’s getting celebrated in RWA right now is its existence onchain, not that it works.
Take the spreads on SKHYNIX perps running at 0.014% on Grvt right now. Tight, on a regulated Validium stack. That’s foundational stuff that actually matters for the next phase: books that hold at size, on rails institutions can settle on.
RWA liquidity is early and sporadic everywhere. The goal isn’t short term volume, but books that holds stability at institutional size.