Novastro is building a modular blockchain infrastructure centered around the on-chain issuance and trading of real-world assets (RWA). The token economy and investment structure of @Novastro_xyz are still limited in understanding as specific figures or distribution ratios have not yet been disclosed. Key data such as the total supply of the native token known as $XNL, team and investor allocations, lock-up and vesting structures have not been officially specified, and mechanisms like staking, incentives, and slashing are currently unconfirmed. Assets are issued through a special purpose vehicle (SPV) on Ethereum and traded on platforms like Arbitrum, Solana, and Sui. In this process, the DTC module is utilized to reflect asset metadata and implement legal compliance on-chain, while also providing the functionality for issuing RWA-based stablecoins. Additionally, security sharing through EigenLayer's AVS and MoveVM-based design are being pursued concurrently. The inferred value capture mechanisms based on this structure include asset issuance and trading fees, RWA onboarding and compliance-related protocol fees, service fees from the use of AI or regulatory modules, and seigniorage revenue generated during stablecoin issuance. This suggests the project's potential to leverage various intermediary and verification functions arising from the digitization of real-world assets as revenue sources. According to funding history, $1.2 million was raised in a seed round on January 9, 2025, and an additional $2 million was raised through a public sale on October 2, 2025. However, the post-money valuation was not disclosed in either instance. From a risk perspective, if the token incentive program is overly designed, it could lead to value dilution for existing holders and increased selling pressure due to inflationary pressures. Additionally, due to the nature of RWA protocols, there may be centralization risks if reliant on a small number of asset issuers or validators. Strategies that overly depend on incentives to secure initial liquidity may also prove unsustainable in the long term. However, no specific negative signs or clear issues regarding Novastro have been identified to date. In comparison with similar protocols, there are numerous cases where projects with high token issuance rates have shown weakness in token value due to inflation and selling pressure. In contrast, protocols that control issuance speed and maintain high staking ratios have been advantageous in securing actual yields and sustainable token economies. This trend applies similarly to RWA or infrastructure-related projects. Overall, while Novastro holds interesting potential in terms of technical direction and RWA-based structure, the lack of disclosure regarding key token details (total supply, distribution, vesting, staking policies, etc.) remains a significant information gap for investors. Therefore, more specific disclosures regarding the token economy and financial transparency will be key variables in future evaluations.