RWA launches start with the token and promise the asset will catch up later @EthraShip is doing the boring order first Its first maritime tokenization is being prepared around a vessel already operating in the fleet, with real trading history, cargo and counterparties behind it before any token exists That changes the underwriting starting point You're not looking at a deck explaining what a ship might eventually do You're looking at an asset already moving through the real economy, then asking whether the onchain layer can make access, reporting and servicing cleaner A vessel still comes with ugly real-world risk Freight cycles, downtime, insurance, maintenance, financing and counterparty quality don't disappear because someone put the asset onchain Good RWA gets dangerous when the token looks cleaner than the business underneath it Ethra is still preparing the pilot, with final eligibility, returns, risks and investment terms left for the actual offering structure Real operations first Token second The best RWA token shouldn't create the business It should make an existing business easier to inspect and finance