# 2.2 现存问题与行业缺口

尽管叙事强烈，但当前 RWA 赛道仍面临以下结构性问题：

1. 缺乏统一抽象层\
   \
   ৹  现有代币化项目大多采用定制化合约，无法形成跨资产类别的统一标准。\
   \
   ৹  不同项目间缺少互操作性，RWA 仍是孤立的“封闭资产岛”。\ <br>
2. 零售用户缺席\
   \
   ৹  多数 RWA 产品面向机构投资人，用户需要合格投资者资质或通过托管中介。\
   ৹  零售市场被边缘化，无法在链上直接获得资产敞口，阻碍了网络效应的形成。\ <br>
3. 流动性碎片化\
   \
   ৹  代币化往往停留在“静态凭证”层面，缺乏与 DeFi 原语（DEX、借贷、衍生品）的集成。\
   \
   ৹  缺少统一的流动性承接机制，资产价格发现与资金效率受限。\ <br>
4. 合规与监管摩擦\
   \
   ৹  由于 RWA 涉及证券、债务及产权确权，不同司法辖区监管标准不一。\
   \
   ৹  缺乏对用户友好的合规化路径，阻碍了跨境流动。


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