Recently, the SpaceX token has been way more popular than many projects in the crypto space. I’d call it the hottest RWA (Real-World Asset) on-chain asset right now: On one hand, this is because SpaceX itself is insanely popular worldwide. On the other hand, the current crypto bear market doesn’t really have many good narratives or investment targets. But the real question isn’t about who’s riding the SpaceX hype—it’s whether there are actual real-world assets backing this token. Aside from the token launches on major exchanges, what I’ve been paying the most attention to lately is @Paimon_Finance’s xSPCX. It’s quite different from most concept-based SpaceX tokens: SPV holds real equity, third-party custody, on-chain verifiability, ERC-3643 compliance framework, and partnerships with MAS-licensed RWA exchanges like DigiFT. This feels more like bringing the traditional private equity structure on-chain, rather than just minting a token with the SpaceX name slapped on it. So, the truly interesting part about Paimon isn’t SpaceX itself—it’s how they’re trying to build a pre-IPO RWA issuance flywheel: Real assets → On-chain verification → Liquidity → Tokenized rights → Next batch of high-quality assets.