Travel RWA has a brutal track record — Travala trades deep in drawdown from 2021 highs, Winding Tree went dark, Dtravel pivoted from its original thesis. Show me the contract addresses where booking revenue actually lands on-chain; otherwise "revenue-backed" is just marketing copy wrapped around a treasury snapshot. KuCoin listing brings retail distribution, but the ledger tells you whether resort operators settle through Staynex or quietly keep using Stripe.

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