In the context of the RWA narrative continuing to heat up in 2025, the industry's focus is shifting from "Are assets on-chain?" to "Are assets understandable, participatory, and tradable in a broader market?" Recently, the RWA infrastructure project WorldAssets (WAT protocol) announced the completion of its brand and product system upgrade, with the new platform RWAX officially launching on December 30, XXXX (UTC+8).

WorldAssets stated that RWAX is not just an addition of a single function but a productized reconstruction of the way RWA trading and supply are organized: RWAX will position itself as RWA-only at its core, integrating "new listing screening—disclosure framework—trading mechanism—incentives and user education—incubation support" into a unified DEX capability. Its goal is to ensure that RWA does not remain merely an institutional narrative but forms a sustainable aggregation of attention and liquidity on-chain, like a clearly identifiable sector.

1) Why an Integrated DEX: The scaling of RWA depends not only on the asset side but also on whether "supply quality" and "secondary trading experience" can be unified:

There are significant differences on the supply side: The rights structure, disclosure granularity, and paths for disposal and exit of real assets vary greatly, making it difficult for the market to form a consensus pricing anchor.

Information fragmentation on the trading side: Project parties, users, liquidity, and disclosure materials are scattered across different platforms and channels, resulting in high understanding costs, long decision chains, and difficulty in liquidity accumulation.

The result is a trust discount: When information and trading are not within the same system, the secondary market often prices uncertainty, leading to wider discounts and thinner depth, which in turn suppresses supply-side participation.

The design logic of RWAX is to merge "supply organization" and "trading mechanism" into the same product framework: Users complete understanding, participation, and trading at the same entry point; project parties complete new listings, deepening, and growth collaboration under the same mechanism, thereby reducing cross-platform information loss and trust discounts.

2) Product Positioning: RWA Exclusive Pump.Fun + DEX

According to reports, the core capabilities of RWAX DEX revolve around four directions:

• RWA-only and Non-meme supply principles: Using a quality framework to make the sector "clean," RWAX will open asset and project applications globally but will layer and screen supply through access and disclosure frameworks, prioritizing the introduction of RWA targets with stronger explainability, disclosability, and verifiability. Project parties stated that "RWA-only" emphasizes presenting the pricing logic and risk boundaries of RWA more consistently to the market, thereby enhancing the overall understandability and tradability of the sector.
• Cold start mechanism: INC incentives and fee reductions for "path education + trading cost optimization + liquidity accumulation." To lower participation thresholds and enhance early market activity, RWAX will introduce a mechanism design that includes INC incentives and platform trading fee reductions: INC incentives are mainly used for ecological incentives for users completing specified participation behaviors and for encouraging early trading activity and community contributions; fee reductions are used to lower user participation and trading trial-and-error costs, optimizing early trading experiences and on-chain friction costs.

The core purpose of both is not to create short-term noise but to help the new platform establish a foundational closed loop of "sustainable trading behavior—accumulated liquidity—repeat participation." Project parties emphasize that the applicable scope, duration, issuance rhythm, and rules of relevant incentives and reductions will be subject to official disclosure.

• Incubation and trading synergy: Making "new listing → deepening → growth" a reusable process, RWAX will embed project incubation support into the DEX operating mechanism: providing selected projects with trading structure advice, operational collaboration, and user education toolkits, aiming to turn "new listings and transactions" into reusable growth paths. The official revealed that the platform will focus on supporting 3–5 benchmark assets/projects in the first batch of applications to create a demonstration effect and establish market recognition.
• Parallel standards and non-standards: A dual asset lineage under a unified entry. RWAX will serve the new listing needs of both standardized and non-standard assets. Project parties believe that standardized assets are more conducive to scaling and liquidity building; non-standard assets have stronger structured space but require more robust information disclosure and risk parameter constraints. The platform will reduce user understanding costs through layered and templated disclosures.

3) The Four Meme of the RWA Sector: The Development of RWA through Sector Effects

WorldAssets stated that the medium- to long-term goal of RWAX can be summarized as "The Four Meme of the RWA Sector." This does not mean to meme-ify RWA but to leverage the sector effect of the Four Meme—upgrading "dispersed project narratives" into a "sector structure that can be quickly recognized and continuously participated in by the market." From a market structure perspective, the sector effect typically consists of four elements: sector identification, target pool aggregation, information standardization, and reduced trading friction.

Within this framework, RWAX aims to place learning, participation, trading, activities, and supply screening at the same entry point through an integrated DEX: making it easier for users to participate and allowing quality supply to cold start and achieve continuous trading, thereby forming sector-level attention and liquidity aggregation.

4) Future Development Vision: Continuous New Listings, Transparent Mechanisms, and Data-Driven Reviews

WorldAssets stated that after the launch of RWAX, it will promote iterations around "continuous new listings, transparent mechanisms, and data-driven reviews": continuously opening asset and project applications to form a reusable supply pipeline; enhancing market explainability through public rules and disclosure frameworks; and outputting phase reviews to verify the impact of the integrated DEX on the liquidity and user participation of the RWA sector.

5) About WorldAssets

WorldAssets (WAT protocol) is positioned in the direction of RWA infrastructure, dedicated to enhancing the verifiability and liquidity of real assets through blockchain technology. RWAX is its core infrastructure after the brand and product system upgrade.

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