Solana RWA’s new developments are hidden within “little growth in scale.” Asset balances and activity levels tell different stories. ① Castle Labs’ report on October 15 discussed Solana RWA’s expansion. I read https://t.co/53MmAjEN2y on October 16 at approximately 17:45: Solana’s Distributed Asset Value stood at approximately $4.39 billion, with a 30-day change of -0.11%. ② On the same page, the number of holding addresses is approximately 907,000, up 46.47% over 30 days; during the same period, transfer volume reached approximately $9.09 billion, up 47.28%. These figures reflect address and transfer statistics, not directly equivalent to user counts or net new capital inflows. ③ With balances largely flat but increasing transfers and holding addresses, this at least suggests we should further investigate how assets are being circulated. It is insufficient on its own to prove large-scale institutional buying and may also be influenced by distribution campaigns or changes in data coverage. ④ RWA also involves issuer, custodial, redemption, and smart contract risks. Entering lending markets can enhance capital utilization but may also introduce leverage—it does not automatically transform real-world assets into low-risk assets. My own assessment: Moving forward, I’m more interested in how assets are being used, not just how many dollars are on-chain. Only sustained redemptions, smooth circulation, and genuine demand create long-term value. This dataset warrants deeper analysis—but labeling address growth as user explosion at this stage, I believe the evidence is still insufficient. Data is subject to change; verify before publication. NFA / DYOR @Solana_zh @solana @rwa_xyz @castle_labs