The only lesson learned from the cycle is that no lesson has not been learned from history.

Before Ethena’s high interest, Luna-UST’s heavy past was just an old thing, and returned to a game to run fast.

Even MakerDao’s DAI is difficult to escape, and it has changed the low -risk set of the USDC casing, and actively embrace the high return of USDE.

Although ONDO issued the USDY less than three weeks, TVL climbed from 100 million to 200 million, but it pulled the BUIDL fund established by Belleide to resist risks together and make the RWA ecosystem together.

As we can see, the above three types are stablecoins, and they are also the latest development developments of RWA -the upper chain of real assets, native arbitrage on the chain, and finally feeding real assets, forming three small but connected but independent small small smallworld.

Specifically, the current RWA is not only focusing on the focus of stable coins, but also the following new trends.

1. The real world is denominated in the US dollar:Real assets focus on the four major types of assets of US bonds, US dollars, bonds and compliance stabilization coins. It is not so much the real assets on the chain, it is better to say that the US dollar -related assets are chain.

2. The dual currency of the crypto world:The status of Bitcoin and Ethereum is generally recognized by the encrypted world. Ethereum is not only used as the asset issuance chain, but ETH also obtains the role of the “Bitcoin” reserve.

3. Integration replace changes:Traditional finance and exchanges have become the infrastructure of cryptocurrency operation. The source of RWA is them, and the event is also their existence. Even their existence is no longer a problem. After all, the reality of gravity lowers the head of the dream.

From the US dollar tide to ETH “Land of Local Coins -Circulation”

Each round of beef and bear cycle starts with Bitcoin, and then the storage market appears, such as exchanges, DEFI or stablecoin, and then a liquid crisis of a project appears, and eventually all collapse.

However, this round of this cycle is different. On the one hand, off -site funds bring 60 billion yuan of ETF funds, which improves the previous US dollar interest rate cuts -the interest rate hike cycle will cause “tidal” like the US dollar in the world.The coin acts as the role of the reservoir and appropriately alleviates this harm. Of course, there are more than 10 times the expansion space of the reservoir.

Summary points 1: Bitcoin has duality, even if real assets are also encrypted assets.

There are two development paths in this pool next. One is to continue to increase the capacity of Bitcoin, and the other is to seek more ETF products, such as Ethereum.

On the other hand, the pledge system of Ethereum created the “Local currency shrinks -circulation“Mechanism, based on ETH as the valuation asset, even if the pledge and issuing assets (LSDFI), and the re -pledged issuance asset (LRTFI) finally collapsed, but ETH’s own pledge income will not decrease. Instead of the huge increase in usage during the bull market, insteadIt’s shrinkage and value.

That is, to do more ETH, the income of the US dollar pricing will increase. For short ETH, the earnings of ETH’s standard pricing will not be reduced, provided that ETH can become an immortal bird in the encrypted world like Bitcoin.

Summary points 2: As long as you can cross the beef, you can make it possible to achieve long -time, and the bear market loses the bull market to make up.

Now changing the idea, if a thing is equal to the US dollar, that is, the US dollar pricing is always 1: 1 anchor, and uses the gold and silver composite standard (BTC+ETH) as the issuance reserve and seamlessly integrates with the exchange, then thisCan the USDE in the RWA mode cross the beef and bear?

Summary points 3: Do not resist the centralization exchange, but use it as one of the source of profits.

We cannot predict the future. We can only assume the future based on the past and give our own opinions. The USDE may collapse, but if the bull market is long enough, it may decline steadily, and eventually the money will be.Then the USDE will quickly collapse.

Based on the above three points, it is clear why this conclusion is based on USDE.

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The issuance of USDE is linked to the multi -short single of ETH. According to AC’s theory, spot transactions are permanent contracts that have no leverage or 1 times lever. Buying is to do more, and selling is short.

USDE’s Delta neutrality can also be understood like this, that is, the mortgage is STETH and BTC, which is equivalent to buying more and doing it.Risk hedge is that.

There are two income in it. STETH comes with about 4% of the income, followed by short -term aspects to receive the rate of bulls. During the bull market, the price of ETH will continue to rise.It is so high.

Then the risk comes with it, that is, the price of ETH falls, so as mentioned earlier, the income of Usana not only disappears, but even the exchanges need to pay the head rate, not debt, and instantly collapse.

However, the vitality here is that ETH’s price has fallen, and STETH’s ETH standard income still exists. As long as you reach the bull market, ETH can still be sold. It only needs to believe that this does not withdraw money.

During the bull market, everything is easy to say. For BTC/ETH and other assets, the exchanges need short to maintain liquidity to a certain extent. Coupled with the technologies such as web lines and pins, it is very proficient and not as accountable.

But as we can see, it is better to priced the USDE anchor ETH derivatives as it is dependent on the exchange. The exchange itself is a black box itself.The USDE family does not know how the exchanges do.

The USDE is really creative. I can’t help writing in the middle of the article. Next is ONDO’s new format and where the DAI of MakerDao will go.

Among them, ONDO is actually more like to make assets such as U.S. debt into tokenization, but it represents the characteristics of comprehensive US dollarization and “virtualization” of RWA -linked asset types, that is, physical assets such as real estate and other currencies are no longer no longer anymore.The main direction in the future.

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And MakerDao represents the hard struggle of the agreement on the chain. Makerdao is still vividly bought by the proposal to buy government bonds. I did not expect that the road of RWA became more confused.It also takes time to verify.

How to deal with the barbarians, how to deal with barbarians

After discussing the composite system of BTC/ ETH, the entry of massive off -site funds is not all good. The assets of asset management giants such as Bellaide, Franklin Dunpon are more than ten times the market value of Bitcoin, but at least follow the followersThey cooperate with the confidence of the SEC supervision and the continuous support of ammunition, and the situation of the three countries has formed.

• Traditional financial giants: Opening a new battlefield will not only stay in the futures/spot ETF stage, but hope to enter the chain market and conduct more innovative combination experiments;

• RWA project party: Starting from the perspective of encryption, I hope to cooperate with traditional financial giants. The goal is to borrowed compliance and become a mainstream financial investment option, not a confrontation with regulatory authorities, or confrontation is a superficial posture.install;

• Regulatory authorities: If you try your best to stop it, you can’t stop it. If you ca n’t stop it, you are seeking control. Ofc control Ethereum nodes, SEC controls “securities” definition. Congress and the Federal Reserve mainly pay attention to stable currency and exchanges. Money laundering and illegal securities issuance are the most commonly used methods.

From the perspective of Bitcoin and Ethereum, supervision has actually been released. The passage of ETH spot ETF is only a matter of time, but for smaller projects, it does not have the ability to fight regulatory alone.The giant, actively carried out KYC/AML and other measures, hoping to reduce the stereotype of outsiders’ financial disruptors, but to pack themselves into innovators in existing systems.

In other words, it is difficult to involve real assets. The reality gravity is too heavy. In simple and rude, you can directly divide the RWA route into three stages:

1. Oriental “Chain Frenzy”, Everything can be on the chain, focusing on traceability and recording.

2. Western “tokenization” (“Tokenization”)After the physical assets and virtual assets are lined up, such as real estate project Realt is the most typical, followed by MAPLE and CentrifUGE and other borrowing products.

3. LaterUS dollar financial assets chainAnd BTC/ETH’s native assets and the integration and development of the existing financial system.

The above is my family. In the classification of RWA.XYZ, it is divided into four categories: borrowing, US debt, stablecoin and real estate. I still insist on my own point of view.The RWA of this round is only divided into the upper chain of the US dollar assets. The BTC/ETH is under the chain. The main issuance method is based on stablecoin, and the borrowing is used as a supplementary development path.

However, there will be three -party constraints, namely CEFI’s desire to control, CEX’s impulse, and big hands of supervision (SEC).

Taking ONDO as an example, it issued two main products: OUSG, which is based on US debt -based OUSG, and stabilized currency USDY. The future product type will be further updated. The mechanism design is relatively similar./Institutional custody, invest in the asset path of the US dollar to occur, and won’t go into details.

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Taking OUSG as an example, its main asset composition is the short -term national debt ETF product of Bellaide.demonstration.

If you go further, you can directly help the old money to manage money, such as the SUPERSTATATATE of Compound directly to buy US debt products, and then issue tokens.After spending the time of pursuing high -risk and high yields, they are ready to take the looting gold and silver jewelry ashore ashore.

However, the continuous power of life does not want to give up directly. For example, MakerDao’s DAI is already ready to welcome the high yield of USDE. In the early days, 600 million DAI was put into it.It is necessary to note that the baby who can become another stable currency must be noted that the essence of the USDE is not the equivalent of the dollar, but the ETH volatility equivalent.

In the face of the huge real assets of the encrypted world, the performance is also slightly immature. Compared with the trillions of dollars of asset management giants, hundreds of millions of and billions of TVLs are simply not eye -catching.It is considered that RWA is an important form of assets in the future. At least it is the same as ETF, or it is just a single love love in the encrypted circle.