#代币化资产与RWA Ondo's tokenized stocks really can't hold up anymore 😅 The surface shows that the slippage for xTSLA is only 0.03%, but after testing, on-chain liquidity is only $7,000, and the actual slippage skyrockets to 45%? This isn't trading, it's being cut!

A closer look reveals—the liquidity is entirely maintained by off-chain market makers during US stock market hours, and it's gone after hours. Isn't this just copying the traditional market's time window onto the blockchain? Where's the promised 24/7 on-chain trading?

Honestly, the story of RWA (Real-World Assets) is very appealing, big institutions are also entering, but Ondo's approach is a bit awkward—it's not providing real on-chain depth, and there's no shortage of custodial risks, plus the slippage is extremely high. Rather than calling this DeFi innovation, it's more like copying the problems of TradFi onto the blockchain unchanged.

xStocksFi is using the same approach, so this isn't an isolated case. If institutions really start large-scale RWA investments by 2026, liquidity issues must be addressed, or else this will just be a high-level "cutting leeks" tool. Still, it's worth watching to see who can truly create something different.