#证券代币化与RWA Seeing Circle launch the Arc Developer Fund to support the RWA ecosystem, I need to calmly analyze the logic behind it. Tokenization of securities and on-chain real-world assets indeed have potential, but they are also the areas with the highest risks.

Funding support for projects is not an issue in itself; the problem is to be vigilant that such funds do not become a breeding ground for a new wave of "wealth creation myths." I have seen too many projects rapidly expand under the halo of fundraising, only to end up as tools for harvesting investors. Those seemingly high-end "on-chain markets" and "private credit markets" can easily turn into complex financial Ponzi traps without genuine compliance foundations and risk controls.

What particularly needs to be clarified is: who is using these infrastructures? Is the flow of funds transparent? Does the project team have real implementation capabilities, or is it purely hype? The lesson I’ve learned is that the more glamorous the financial innovation, the more fundamental questions you should ask—ultimately, where does this money end up?

RWA is indeed the future direction, but at this stage, it remains highly experimental. Don’t be fooled by words like "ecosystem support" or "developer fund." Conduct thorough due diligence, stay alert to the background and track record of the project team—that’s the way to sustain longevity.