jakiro
Author: Haotian Source: X, @tmel0211
The news that PLUME will be launched on Binance has once again focused on this RWAFi upstart.From TVL exceeding US$330 million in two months to 177,000+ RWA holders firmly ranked first, has Plume used data to make a narrative correction for the RWAFi track?
1) The two sets of data, 177,000 RWA holders and 330 million US dollars, would seem unconceptual at first glance, but if 177,000 RWA holders exceed the total RWA holders of Ethereum and Solana,And behind the $330 million TVL, there is a 90% effective capital utilization rate as support, perhaps he will have an admirable look at this “number one player” who has always been working on the front line of RWAFi;
2)If the last bull market was dominated by the “public chain narrative”, this round has obviously turned to the “return narrative”.The income triangle formed by Plume, Ethena and Ondo represents three different paths: Ethena makes stable returns in the synthetic US dollar, Ondo focuses on traditional fixed income such as treasury bonds, and Plume chooses mixed returns—Combining TradFi revenue and DeFi strategy.
This can combine the stability of TradFi treasury bonds with the radical nature of DeFi’s circular leverage. Anyway, its income model is not a castle in the air, and behind it is $40 million + RWA revolving funds are operating in real time;
3) What is more interesting is the way the giants participate.Traditional financial giants such as Apollo, Galaxy, and Fidelity do not simply invest money and wait for returns, but directly issue and deploy assets on Plume.This deep binding of “both shareholders and customers” has solved the most difficult cold start problem of RWA to some extent-It has assets, liquidity, endorsement, and is in one.
above.
Of course, even so, the challenges of the RWAFi track still exist, which is mainly because of regulatory uncertainty and the acceptance of traditional institutional players, etc. Plume chose to use a pragmatic path to first confirm the points that traditional institutional players care about, and used a brand new income narrative to prove the value of driving the underlying infra, which is probably more convincing than any other grand narrative and vision.
