⑤ Secondary transaction path

Industry consensus
RWA secondary liquidity is typically achieved through multiple pathways:

• ATS or compliant trading platforms
• STO Exchange
• OTC trading
• DeFi liquidity pools
• Market makers provide liquidity

Core consensus:
Primary financing is the starting point; secondary liquidity determines asset pricing power.

Causes
1 ) Investor Exit Needs
2 ) Asset price discovery mechanism
3 ) Increase market participation

Significance of RWA's release

• Enhance asset attractiveness
• Support investor exit strategies
• Promote valuation formation
• Strengthen market depth