When RWAs move onchain, most projects focus on tokenization mechanics—what gets fractionalized, who provides liquidity, how compliance is managed. However, a critical issue frequently overlooked is access.
The structure of access will determine whether we end up with genuinely open markets or closed gardens in disguise as the financial system is being redrawn while traditional assets migrate onchain.
Many existing systems, despite aiming to build infrastructure for a broad audience, inadvertently perpetuate privileges for a select few, often favoring established intermediaries over direct participants. Practices such as exclusive early access, complex participation requirements, and preferential terms mirror the asymmetries prevalent in traditional finance, but now within a Web3 context. This approach doesn't represent open finance but rather a digital replication of the established order, where opportunities are not equally distributed.
Fair access directly influences the quality and robustness of the ecosystem. When real participants are confident that they are not facing undue advantages held by certain intermediaries or institutions, they are more inclined to commit for the long term build, engage in governance processes, and provide stable liquidity. This fosters resilience, leading to healthier market structures characterized by more distributed asset ownership, enhanced liquidity, and stronger overall participation. Fair rules, therefore, not only deter short-term speculative behavior but also unlock substantial long-term network value.
And in Blockchain specifically for RWAfi, trust is paramount. These assets necessitate adherence to stringent compliance standards, rigorous audit procedures, and involve significantly higher stakes. The foundational layer must be trustworthy; otherwise, any subsequent developments built upon it will be inherently vulnerable.
From a macro view of industry development, building fair access mechanisms carries decisive weight for the entire RWA space. As traditional assets move onchain, the boundaries of the financial system are being redrawn. In this shift, fair and transparent participation rules will directly shape the trajectory of the industry. Pharos aims to deliver a reference paradigm, showing how real financial inclusion can be achieved through multiple levers—steering the entire sector toward greater openness and transparency.
For real-world asset systems designed to serve the public, fair access is not just an idealistic pursuit but the inevitable outcome of rational design. It ensures that a system’s starting point aligns with its long-term goals, laying the groundwork for genuine broad participation. Only under these conditions can RWAs fulfill their core vision: to become an open, transparent, next-generation financial infrastructure that serves everyone. As technology matures and industry standards solidify, fairness will emerge as a key benchmark for measuring the true value of RWA projects.
RWAs can succeed if the chain commands full trust. That is why, for Pharos, fairness is one of the foundations.
