2019: RWAs were basically a ghost town Tokenized assets are just VC buzzwords 2021: quietly started getting real pilots Most people still ignored it 2023: institutions finally stepped in Suddenly it wasn’t a joke anymore 2025+: billions flowing on-chain Same cycle and disbelief phase Market always laughs before it reallocates RWAs right now feel exactly like DeFi in early 2020 Low attention Low understanding High skepticism Meanwhile the rails are being built underneath everyone By the time it’s obvious, easy money is usually gone(Justin Wu)