Conflux co-founder questions the authenticity of the "RWA total asset value reaching $410 billions" data, claiming that RWA.XYZ exaggerated the scale by "fabricating data".

BlockBeats News, December 19, Forgiven, co-founder of Conflux, posted that the widely circulated figure of "the total value of global RWA-represented assets reaching $410 billions" is seriously misleading, with the source being a recent manual adjustment of statistical criteria by the RWA data website RWA.XYZ. Before the revamp of RWA.XYZ, the total asset scale of the RWA industry was about $30 billions, but after the revamp, it suddenly inflated to $410 billions. The main reason is that the website introduced two brand new statistical criteria:

· Reported Asset Value: Assets for which digital certificates are issued only on private chains or closed systems, but no actual on-chain transfer or distribution has occurred. The current reported scale is about $410 billions;

· Distributed Asset Value: RWA assets that are actually distributed and can be held by investors through public chains, DeFi protocols, or exchanges. The current scale is about $18 billions.

Forgiven pointed out that in the currently heavily publicized $410 billions figure, about 91% comes from assets issued on the private chain Canton (Guangdong Chain), and another approximately $14 billions comes from home equity line of credit (HELOC) products issued by Figure on its self-developed private chain Provenance. These assets have almost no direct connection with the crypto market and are merely "private chain bookkeeping tokens." Distributed Asset Value ($18 billions) better reflects the real demand structure of the RWA industry.

He also warned that one should not blindly believe in Wall Street narratives or "authoritative data platforms," noting that some data platforms, after gaining crypto traffic and dividends, turn to cooperate with capital to package narratives and mislead market perception. He called for caution regarding the recent speculation on RWA concepts in Hong Kong stocks.