I just saw that Abu Dhabi's sovereign fund Mubadala has invested in a platform called Stake. I checked and found that this platform is very similar to a real estate RWA project from a few years ago, which uses houses as assets and divides them into small amounts for investment. For example, this time Stake can invest in "real estate" for as little as 500 dirhams (less than 1000 RMB). But Stake is not a cryptocurrency project, and the split assets have not been put on the chain. Instead, they are confirmed using traditional legal methods, which are essentially closer to "fragmented real estate investment" rather than RWA in the context of the cryptocurrency circle. What users receive is not a token on the chain, but a legally protected proof of rights provided by the platform to investors through contractual rights and other structures in the real world. The distribution of profits, custody of assets, and exit processes all rely on traditional regulation, auditing, custody, and legal enforcement, rather than relying on smart contracts. From my perspective, this is actually not much different from the monetization form of the popular real estate on chain in recent years. In fact, using smart contracts to confirm ownership on the chain may not be impossible, but this type of asset tests the compliance and authenticity of the platform more. Mubadala's entry may not bring financial support, but the endorsement of Abu Dhabi National Sovereign Fund. This is also the reason why it is difficult for the RWA industry to continue, not because there are no qualified targets, but because there is not enough compliance and certification. There are many so-called RWAs in the cryptocurrency industry, and their strengths lie in "going live", but their weaknesses lie in "whether assets are verifiable, ownership is clear, who is responsible for default, and how liquidation is carried out". Stake, on the other hand, first ensures compliance, which actually reduces the difficulty of going live on the chain in the future. Of course, it cannot be denied that the biggest difficulty of such projects is not compliance or ownership confirmation, but liquidity. @bitget VIP， Lower rates and more generous benefits