Recently, a phenomenon has been quite popular in the crypto market—various tokenized US Treasuries, tech stocks, and real estate assets competing to be on-chain. It sounds very appealing: holding traditional financial high-quality assets as digital assets. Isn't this the perfect combination of Web3 and the real world?

The problem is, very few people ask the most painful question: how exactly does that constantly fluctuating on-chain price come about?

**How bad is the current situation?**

Let's directly compare it to Wall Street quotes. What about delays, who sets the exchange rate? Should it be priced by the project team themselves? What's the difference from dark pool manipulation? When the underlying asset market is closed, whose data does the on-chain information listen to? When most people rush into the RWA ecosystem, they haven't even clarified the ownership of the pricing rights—that might be the easiest pitfall to fall into right now.

**The fatal flaw of traditional methods**

Many projects now are so crude: they find a centralized data provider to periodically "bring" traditional financial prices onto the chain. It sounds simple, but the problem is huge. If a single data source makes an error or is manipulated, the entire protocol's price benchmark is ruined. After stock markets close, on-chain prices become static, but risk events happening globally can't be reflected in real-time. Moreover, the entire "transportation" process is a black box—who knows if the data has been tampered with along the way?

**Where is the real solution?**

The solution is actually quite clear: establish a decentralized "price consensus network." This isn't just a simple data relay station but a mechanism to generate trustworthy, real-time prices for on-chain RWAs. The core logic is decentralized verification—multiple independent nodes participate in price confirmation, and through consensus mechanisms, ensure data authenticity and resistance to manipulation. Only then can we truly break the monopoly of centralized pricing.

In simple terms, the pricing rights should be held by network participants, not by some self-proclaimed "authority" intermediary. This is the key to the RWA ecosystem truly maturing.