Understanding RWA narrative logic and 10 projects worth noting
Compiled by: Xiaobai Navigation coderworld
We are incryptocurrencyAn important moment in history.
In the past few weeks, we have witnessed the United StatescryptocurrencyA 180 degree change in attitude.Surprisingly, allEight EthereumETFIn addition, the U.S. House of Representatives not only passedcryptocurrencyFIT21 Act, and also passed legislation to prevent the creation of central bank digital currencies. But what is even more striking is to see that cryptocurrencies are even beginning to become an upcomingAn important issue in the US presidential campaign.
So if you are a large financial institution, the message is clear:Cryptocurrency is not going away, you better get familiar with it and start exploring its different use cases to avoid being left behind.
From this perspective, real-world assetsTokenIt seems obvious that the chemical industry has huge growth potential.
But what exactly is this trend, why is it causing such a stir, and how can you make the most of it? That’s what we’ll explore in this article.
现实世界资产Token化的案例
If software is eating the world, then tokenization of real-world assets is eating the capital markets.
In recent years, the field of real world assets (RWA) has becomeBlockchainOne of the most promising use cases for the technology is by bringing real-world assets onto the blockchain. The case for RWA is simple: the stability and value proposition of real-world assets is comparable toBlockchainBuild a bridge between the innovative capabilities and potential efficiencies of technology and decentralized finance (DeFi).
In fact, many see this space as the new hotness of the financial industry. Recently, we’ve even seen the biggest names in finance, such as BlackRock and Franklin Templeton, take a keen interest in this space and launch their own tokenized funds.
(source: Bloomberg )
In theory, any easily tradable real-world asset can be tokenized and put on a blockchain. This includes both tangible and intangible assets, and fungible or non-fungible assets. Below is a non-exhaustive list of some of these assets.
Why is tokenization so important?
If there were no clear advantages to putting assets on the chain, RWA would not have gained so much attention. The following table explains the main advantages of tokenization.
The core theory of DeFi isBlockchainA better standard can be created to seamlessly exchange different assets. In this sense, RWA is simply about recognizing the value proposition of DeFi and extending it to every tradable asset to build the next generation of markets - a more transparent,Safety, fair and open markets.
Understanding RWA Trends
We are entering the era of tokenization of markets. Gradually, all assets will be on-chain, challenging the status quo of global capital markets over the past 30 years. Especially when we consider that the RWA trend is at the intersection of two trends that are shaping the world today: financialization and digitization.
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Financialization：Today, finance has no borders, the economy is becoming increasingly borderless, and individuals transfer ownership of assets to each other globally. Everything has a market, everything has a price, and everything becomes tradable. Therefore, it becomes increasingly meaningful to establish a more efficient, transparent, fair, and open market mechanism.
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Digitizing: The world is becoming more and more digital. We have connected phones, watches, and soon connected brains. In this sense, asset ownership proof is moving toBlockchainIt seemed like a logical progression to the web.
In this sense, RWA is well positioned to capture these two trends.
Main Challenges
There is no doubt that putting real-world assets on blockchain provides very interesting features. But it also brings many challenges. The main challenges revolve around:
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Supervision: Currently, there is no clear answer as to where to build a market for tokenized assets without running into a complex regulatory landscape. However, this may change as people’s perception of cryptocurrencies continues to evolve.
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fluidity: Providing the right market structure for real-world assets to achieve liquidity and market making can be a challenge, especially for highly illiquid markets that trade 24/7.
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educate: It will take a long time for everyone to understand the true value proposition of putting real-world assets on the chain, because blockchain technology and its trade-offs can be difficult to understand in the early stages.
Development of RWA
Stablecoins pegged to the US dollar
法定货币支持的稳定币是现实世界资产代币化的第一个杀手级用例。近年来，这个市场大幅增长。今天，两个最大的法定货币支持的稳定币（Circle的USDC和Tether的USDT）总市值超过1300亿美元，而2020年初这一数字约为50亿美元。
Commodity-backed tokens
Tokenization of precious metals has also become another popular application of RWAs. Some examples include Tether Gold (XAUT) or PAX Gold (PAXG), which are tokens backed by physical gold. Although this is a relatively new market, it is growing rapidly, and the combined market capitalization of XAUT and PAXG is about $840 million.
Tokenized Treasury Bonds
The latest big trend in RWA is the tokenization of U.S. Treasury bonds.21coLooking at the data from CoinMarketCap, we notice that the market capitalization of this sector has grown rapidly, exceeding $1.3 billion. But what is more interesting is that traditional financial institutions are entering this market. For example, the BENJI token represented by Franklin Templeton has accumulated about $370 million in deposits, while BlackRock's BUIDL token has received more than $380 million in deposits.
The beginning of the next chapter
This tokenization trend has just begun and is expected to continue to grow rapidly.Boston Consulting GroupAccording to a forecast by CoinMarketCap, the global market for tokenized financial assets is estimated to reach $16 trillion by 2030, and may eventually become the bridge we have been waiting for connecting traditional finance and DeFi, building the next generation of markets.
Looking ahead, we can envision a world where not only are there purely financial assets, but almostAll assets that are easily monetizable, from luxury watches to art to real estate, all will be tokenized on the blockchain. This is the future of finance.
take this opportunity
After reading all this, I’m sure you’re now asking yourself: “Okay, I get it, but how can my portfolio take advantage of this new trend?” Don’t worry, I’ve got a RWA watchlist for you (+ a bonus).
But before we dive in, a word of caution. There is significant speculation in the cryptocurrency market right now, so extreme caution is required. Therefore, what follows is not a prediction, just some thoughts. And thoughts may change significantly as more data becomes available and over time.
This is not an exhaustive list, just some of the projects I've looked into in depth that I think are worth keeping an eye on. There are many other projects in this category, and I've obviously left out a lot.
RWA Project
Ready? Now let’s explore some projects you might want to add to your watchlist:
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Chainlink($LINK)
In short: Chainlink recently updated their description of the network, calling it “a universal platform for creating the future of global markets on-chain.” By bridging the gap between real-world data and blockchain, Chainlink is key to enabling the tokenization of real-world assets.
This tweet I wrote earlier is still very relevant today. Chainlink is actively working with Swift, The DTCC and some of the largest banks in the world. These are not hype partnerships.Very real pilots and case studiesTo prove the feasibility of the technology, it is only a matter of time before we see full settlement of RWA on the chain.
(See the tweet for detailsHere)
In the long term, I am very bullish on Chainlink.
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Ondo Finance($ONDO)
In short: Ondo is building the next generation of financial infrastructure to improve market efficiency, transparency and accessibility. It allows retail and accredited investors to enter the bond market on-chain through products such as USDY (tokenized notes backed by US Treasuries) and OUSG (short-term US Treasury bonds).
Here are some things you need to know about ONDO:
ONDO is one of the best performing new tokens of 2024. I think this project is very interesting and has a lot of momentum recently. But it may be a bit overhyped and overvalued right now. Nevertheless, it is definitely worth adding to your RWA watchlist.
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Pendle Finance($PENDLE)
In short: Pendle is a decentralized financial protocol that allows users to tokenize and sell future earnings. It is an innovative tokenization model solution that provides users with flexible and dynamic earnings management options.
It’s also a good deal to earn points.
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TrueFi ($TRU)
In short: TrueFi is a modular on-chain credit infrastructure thatcontractConnecting lenders, borrowers and portfolio managers, governed by $TRU.
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Mantra Network（$OM)
In short: Mantra is aSafetyThe RWA-led first-level blockchain is designed to comply with real-world regulatory requirements.Xiaobai Navigation
passThis tweetLearn more about this project:
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Polymesh Network ($POLYX)
In short: Similar to Mantra, Polymesh is an institutional-grade permissioned blockchain purpose-built for regulated assets.
If you want to learn more about why this project is important, you can check outThis tweet:
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Centrifuge ($CFG)
In short: Centrifuge provides infrastructure and ecosystem to tokenize, manage and invest in a complete and diversified portfolio of real-world assets. The asset pool is fully collateralized, investors have legal recourse, and the protocol has no restrictions on asset classes. The asset pool includes structured credit, real estate, US Treasuries, carbon credits, consumer finance, etc.
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Dusk Network ($DUSK)
In short: Dusk is a permissionless, ZK-friendly, first-level blockchain protocol focused on tokenizing real-world assets.
You canhereLearn more about Dusk:
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Clearpool ($CPOOL)
简而言之：Clearpool是一个去中心化金融生态系统，致力于创建第一个无许可的机构流动性市场。
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Polytrade ($TRADE)
In short: it’s a marketplace for real-world assets. It brings together tokenized treasuries, credit, stocks, real estate, commodities, as well as collectibles, art, intellectual property, creator royalties, luxury goods, and more, from all chains onto one platform.
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