The mirror-thinking problem in RWA isn't limited to DeFi.
Listing-first CEXs may be the clearest example.
They treat RWA as another listing cycle. Whatever the asset — stocks, treasuries, funds, or commodities — it gets run through the same playbook:
new pairs, recycled users, more volume.
It's a traffic business dressed up as RWA.
The more CEXs optimize RWA as a listing category, the further they drift from what it could actually become:
new market infrastructure for real assets, not a new shelf in the same store.