The uncomfortable truth: most RWA projects don’t care about the token. And when you understand how these companies are structured, it’s not even shocking, it’s logical. Here’s why. Firstly, they’re built like companies, not protocols. Most of the leading RWA projects (tokenized real estate, private credit, treasuries, etc.) are structured as regulated entities, not native crypto protocols. They have: Legal wrappers Custodial partnerships Compliance obligations Traditional investors Their survival depends on regulatory trust, not token value. So, their incentives are aligned with business growth, not token performance. Revenue goes to the company, not the token economy. It’s not malice. It’s structure. 2. They issue tokens as wrappers, not economic instruments. In many cases, the “token” is just a technical representation of an asset, not a share of the network, not a claim on yield, and not even a governance right that matters. For example: Ondo, Maple, Centrifuge, TrueFi, Matrixdock, Backed Finance, all have offchain entities controlling yield, custody, and redemption As far as I’m aware, the token represents access, not participation. The company captures fees off-chain; the token doesn’t. If you’re a tokenholder, you’re holding proof of concept, not proof of claim. 3. Regulation makes “value accrual” radioactive. Here’s the catch: Most RWA teams want to link tokens to revenue, but doing that makes them a security overnight. That means SEC risk, KYC obligations, and loss of global distribution. So they avoid it. Instead, they structure the token as a governance utility or access pass - safe from regulators, but also disconnected from the actual cash flow. That’s why the token price often diverges from the project’s success. They can sign institutional partnerships, scale AUM, grow users and the token still bleeds. Because the token isn’t designed to benefit from those wins. 4. The “DeFi-native” layer hasn’t arrived yet. There’s still a missing layer between RWA companies and RWA networks. Right now, most projects are operating like fintechs that use blockchain rails. But the protocol side - where yield, liquidity, and ownership become programmable and distributed is still emerging. When that layer matures, tokens will start to matter again, because: Fees will flow onchain. Access will depend on staking/locking. Governance will actually control liquidity pathways. Until then, most tokens are advertising collateral. 5. The metrics tell the story. Look at the data: RWA market cap (~$35B) keeps growing. Token valuations for major projects are down YTD. Onchain AUM and user numbers are climbing while token volumes flatline. That divergence isn’t investor stupidity - it’s design reality. 6. What needs to change If this sector wants sustainable token economies, three things need to happen: Onchain fee capture: value has to flow to the token, not the corporate balance sheet. Regulatory clarity: projects need frameworks that let them share real yield without risking enforcement. Interoperability: RWAs must integrate into DeFi protocols where tokens actually do something. Until then, tokens are marketing tools, not financial instruments.