RWA adoption ≠ automatic token value $ONDO is one of the clearest examples of why the RWA narrative deserves a closer look beyond price charts. The interesting question isn't simply whether real-world assets will move on-chain. That trend is already developing across tokenized funds, equities, commodities and other financial products. The harder question is this: when adoption grows, who actually captures the value? A protocol can have billions of dollars flowing through its ecosystem while its native token follows a completely different path. Token holders need to understand the connection between product adoption, protocol revenue, governance, incentives and the token itself. This is why I think the RWA narrative should be analyzed in two separate layers. Layer one: Is the underlying business or product gaining real adoption? Layer two: Does that growth create meaningful demand or value for the token? Those two answers are not always the same. $ONDO is interesting because it sits at the intersection of tokenized finance and institutional adoption. But the long-term thesis should not stop at "RWA is growing." The more important things to watch are the growth of tokenized assets, actual user demand, protocol economics, competition and whether the expanding ecosystem creates a stronger connection to the token. The next phase of RWA research shouldn't be about finding the next popular ticker. It should be about understanding where the value actually flows. #CMCAgentHub