jakiro
Source: Ye Kaiwen
What exactly is RWA (real -world assets)?
The original decree jumping out and said that RWA should not be so tacky. We have said that the premise of RWA’s discussion before is that RWA is the pragmatic and moderate compromise of traditional finance and Crypto.
Many people say that the concept of RWA is too false. The real world assets are token, and everything is installed in RWA, but there is no real RWA.
This question must be asked from the words:Whether RWA is a product or a transactionIntersection
If it is a product, then RWA is a T-Bill product similar to Bitcoin spot ETF or US debt mortgage assets?
If it is a transaction, is the transaction of RWA products?Or is the crypto financial asset transaction like Tradfi’s financial asset exchange?
If the core essence of the RWA that we has always emphasized is the corporate financing and institutional market.The product is similar to a corporate debt product, a transaction is similar to financial asset transactions, and the institutional ecology of the asset package and the product of corporate financing.
Compared with specific cases, such as Bitcoin spot ETF, token -based cargo base, RWA stablecoin, etc., are basically product direction, not corporate financing;Token cash distribution) is corporate financing.
Why discuss different angles of products and transactions?
The former’s product angle is more web 3.0, and the latter’s transaction angle is more RWA.Why do you say that?
productThe angle of retail investors mostly, especially the web3.0 investment retail, is accustomed to investing (fry) a token. At present, there are many cryptocurrency projects with the concept of RWA.At the same time, products tend to be more standardized. It focuses more on product design, TGE issuance, etc. Whether it is the T-BILL or RWA concept to the US debt assets, or DEPIN and AI as infrastructure participation concept narrative, they are all narrative, all of whichIt is the routine and ecology of standardized products.
tradeIn terms of institutional perspective, most of the financial asset transactions are corporate financing and institutional investment. It is a non -standardized product transaction ecosystem. Although the target of transaction will be designed as a financing product, the issuance of asset transactions is only the first step of Under the table.There are also interbank markets, OTC bond markets, and financing and securities and securities and securities, reverse repurchase and equity redemption, etc., and sometimes there will be local markets to invest in retail investors.
From the perspective of Crypto, it is more like an industrial transaction caused by a corporate financing and the digitalization and encryption of upstream and downstream channels.
Therefore, it is a bit nonsense: RWA is like a product and does not look like a product.The old money and old users attracted and leveraged by the World Assets means that RWA or the real world assets that can be understood by RWA or old money can be understood, or new forms of real -world asset support.
The RWA model that integrates products and transactions
The new and old integration may be the compromise and moderate of RWA’s initial stage.
Traditional debt (RA) is institutional customers, large trading and off -the -counter market; and the Web3.0 exchange mainly focuses on retail customers, loose (leek) households (dishes).
If the RWA of fusion products and transactions may solve this: Basic assets based on RWA products (US debt ETF, Bitcoin ETF and other high -quality assets) as the basic assets, iterates new income or arbitrage tokens (or agreements), first -level and secondary arbitrage is moreThe hierarchical trading market has further expanded RWA derivatives based on RWA token pledge financing and interest rate exchange.
This fusion model can not only face institutional customers, but also stir -fry the coins of retail investors.
At present, the RWA project from Hong Kong licensed compliance is basically not real estate solidarity, or the credit debt of the enterprise, and then set a token -to -shell. This is the first -class simple product.
In fact, the complex products of real -world assets are combined with the industrial transactions of the real world assets, combined with industrial finance and capital. Asset tokenization is not just a tokenization of real -world assets, but this asset, but this assetRelatedIndustrial chain and capital chainTokenization.
From this perspective, RWA may have several directions:
1)Corporate financingIn the direction, most of the products such as digital debt and digital REITs, which are in the form of RWA products, may be diversified in design. One is a credit debt, the other is the right of income, and the other is different design models such as cash flow;
2)Industrial transactionIn the direction, the business design of the RWA exchange will be highlighted. How to combine the trading and arbitrage of trading and arbitrage of trade and flowing water, gradually transfer the tokens pricing power and Crypto leverage of real world assets, and replace the inter -bank business to the OTC exchange market andThe mortgage borrowing agreement, etc., design the flow pool and draw on the airdrop and mining model, and develop the digital investment banking business supporting Crypto Fund first and second -level linkage. The key is to attract and realize the upstream and downstream linkage of the industry.
3)Investment and financial managementIn the direction, we design RWA investment wealth management products around global funds and institutions, or Crypto solid -income products, or hedging, or after priority, or TRS, or yield yield token.Investment wealth management products for traditional financial investment.
4)Native currencyIn the direction, the tokenization of emerging assets that cannot be valued by traditional finance, such as renewable energy and AI computing power, especially the renewable energy combination of DEPIN and VPP (virtual power grid) to achieve renewable energy P2P transactions and green energy stability.Coins, this will be a huge market opportunity, because the G7 member states in May this year jointly promised to gradually eliminate the existing and increasing coal -fired power generation in the energy system in the first half of 2035.
How to achieve the 2B market to the 2C market?
Since the traditional corporate bond market is the 2B market, and the Web3.0 is the 2C market.RWA’s products are standardized, and there are more trading ecosystems. At this time, the key to the success of RWA is: How to achieve the 2B market to the 2C market?
This is also the elite of the web3.0 attributes of the initial licensed compliance exchange. It is only optimistic about the retail market in the more currency circle and the traditional centralized institutional market.However, RWA will inevitably mean that compromise and the golden mean. Under the education of Bitcoin spot ETF, more and more licensed compliance exchanges include native cryptocurrency exchanges, and have begun to attach importance to RWA and institutional markets.
Is that not easy to understand: How does the institutional market turn into the retail market?
a) TRS is the basis for arbitrage or currency circle. The cost and risk strategy of institutional customers and retail investors are different.
b) The traditional bond market is the private placement, warfare, issuance (wholesale) and secondary market (retail) of the institutional market. The retail retail market is at the end.Realize the possibility of retail investors and institutions at the same time based on different modes such as NFT, airdrop, mining, etc., and even the possibility of entering the venue earlier than the DAO community, DEX and AMM;
c) The institutional market must have lock -on sale and cash out shipments, or quantitative arbitrage. There will be retail households to pick up the settings, and it will not rule out the chips and liquidity of institutions to eat retail investors.
Therefore, the RWA product and transaction ecosystem is basically in the form of assets and product forms familiar to financial institutions and funds, but UPLIFT uses new forms and new liquidity of tokenization and virtual asset transactions, especially diversified secondary levels.Market (token trading market) has continuously attracted more traditional financial institutions and old money.
