Chintai (CHEX)：“亞洲 RWA 代幣”

正如您所看到的，市值不到 10 億，交易量為 7 位數。與 ONDO 不同，它實際上不可能建立重要的部位（50 萬美元以上）。

This post is brought to you by BowTied Bull, a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber.

這篇文章是由讀者支持的出版物 BowTied Bull 為您帶來的。要接收新貼文並支持我們的工作，請考慮成為免費或付費訂閱者。

Welcome Avatar!

歡迎阿凡達！

Today we’re doing a post on a small RWA coin. As usual for full disclosure we are owners of ONDO (for those on the paid stack) and own a *small* position in this coin as well (CHEX). The coin is extremely right risk curve type stuff and due to size it will be nearly impossible to do anything in size (you’d be illiquid).

今天我們要發表一篇關於小型 RWA 硬幣的文章。像往常一樣，為了全面披露，我們是 ONDO 的所有者（對於付費堆疊中的人），並且也擁有該代幣的*小*頭寸（CHEX）。硬幣是非常正確的風險曲線類型的東西，由於尺寸的原因，幾乎不可能做任何尺寸的事情（你會缺乏流動性）。

With that disclosure out of the way here is the overview.

披露完畢後，這裡是概述。

Part 1: Quick Overview and Scope

第 1 部分：快速概述和範圍

As you can see market cap is under a billion with trading volume at mid 7-figures. Unlike ONDO, it isn’t really possible to build a significant position ($500K+). Instead what you’re looking at is optionality on the RWA narrative spreading to Asia.

正如您所看到的，市值不到 10 億，交易量為 7 位數。與 ONDO 不同，它實際上不可能建立重要的部位（50 萬美元以上）。相反，您看到的是 RWA 敘事的選擇性正在蔓延到亞洲。

For those with severe PTSD you may remember a similar thing happening in 2017. When ETH was flying and ICOs were all the rave a new token called the “Chinese Ethereum” came out called NEO.

對於那些患有嚴重創傷後壓力症候群（PTSD）的人來說，你可能還記得2017 年發生過類似的事情。幣NEO 橫空出世。

The majority of alt-coins go through parabolas and break which is typically why you just want to sell back into BTC/ETH when you think the narrative has hit max mania. CHEX has a similar narrative opportunity to be the “Asian RWA Token”. Since we already have our free-rolled position of ONDO at this point, this might be a derivative/beta play on the same narrative but with Asia at the helm.

大多數山寨幣都會經歷拋物線並突破，這通常是為什麼當您認為故事已經達到最大狂熱時，您只想賣回 BTC/ETH。 CHEX 也有類似的機會成為「亞洲 RWA 代幣」。由於我們此時已經有了 ONDO 的自由滾動位置，這可能是基於相同敘述的衍生/測試版遊戲，但由亞洲掌舵。

Token Unlocked: Lots of alt-coins have unlocks but CHEX is already unlocked. This is good because its suggesting price appreciation is not being done to drop a massive amount of coins in one go (ONDO and SOL both have unlocks in Q1).

代幣已解鎖：許多山寨幣已解鎖，但 CHEX 已解鎖。這很好，因為它表明價格上漲並不是為了一次性掉落大量代幣（ONDO 和 SOL 都在第一季解鎖）。

They have a standard buyback/burn model with 5% of the revs and already have the regulatory approval items (similar to how STX got regulatory approval before launching - just in this case in Singapore).

他們有一個標準的回購/銷毀模型，轉速為 5%，並且已經獲得了監管批准項目（類似於 STX 在推出之前獲得監管批准的方式 - 就在新加坡的情況）。

Marketing Now? According to older articles they are setting a goal to try and press on the TVI now. Specifically “Chintai estimates $150 to $300 million in Total Value Issued (TVI) on-chain by the end of Q4, 2024, and $2 billion TVI by the end of Q1, 2025”. This seems a bit lofty to us in terms of a spike but if they raise significant money then that typically means coin price goes up.

現在行銷？根據較早的文章，他們現在正在設定一個目標，嘗試向 TVI 施壓。具體來說，「Chintai 預計到 2024 年第四季末，鏈上發行總價值 (TVI) 為 1.5 至 3 億美元，到 2025 年第一季末，鏈上發行總價值為 20 億美元」。就飆升而言，這對我們來說似乎有點高，但如果他們籌集了大量資金，那麼這通常意味著代幣價格會上漲。

Summary

概括

As a quick high overview, it’s essentially the Asia version of ONDO. That naturally comes with a lot more risk and it’s a much smaller token. If narrative takes off it has a real chance at operating as a Beta play to the RWA narrative.

快速概覽一下，它本質上是 ONDO 的亞洲版本。這自然會帶來更大的風險，而且代幣也小得多。如果敘事取得成功，它就有真正的機會作為 RWA 敘事的 Beta 版來運作。

All that said, it isn’t really possible to put in real size, for that reason on the free side of the stack.

儘管如此，實際上不可能放入實際大小，因此在堆疊的自由端。

Part 2: Trimbot Original Messenger - Contact

第 2 部分：Trimbot Original Messenger - 聯絡方式

We got sent this coin a while ago and then again a second time. This is entirely written by Trimbot although we have reorganized it a bit and removed some of the moonboy comments.

我們不久前收到了這枚硬幣，然後又收到了第二次。這完全是由 Trimbot 編寫的，儘管我們對其進行了一些重組並刪除了一些 Moonboy 評論。

I’ve written a high-level summary of Chintai and their CHEX token. This is not your ordinary altcoin—this is a blue-chip token with institutional-grade tokenomics and demand that is poised to establish itself as one of the majors alongside Bitcoin, Ethereum, and Solana by the end of this cycle. I encourage you and your readers to not just take my word for it but to also do your own research in addition to reviewing the below.

我已經寫了 Chintai 及其 CHEX 代幣的高級摘要。這不是普通的山寨幣——這是一種具有機構級代幣經濟學和需求的藍籌代幣，預計在本週期結束時成為與比特幣、以太坊和 Solana 並駕齊驅的主流代幣之一。我鼓勵您和您的讀者不僅相信我的話，而且除了查看以下內容之外，還可以進行自己的研究。

To save you some time, here's a TL;DR:

為了節省您的時間，這裡有一個 TL;DR：

TradFi is rapidly adopting tokenization

TradFi 正迅速採用代幣化

Chintai is the Shopify of RWAs, offering a white-label tech stack for TradFi to launch custom-branded tokenization platforms

Chintai 是 RWA 中的 Shopify，為 TradFi 提供白標技術堆疊，以推出定製品牌代幣化平台

The CHEX token is directly tied to Chintai’s success, with a deflationary model and institutional-grade tokenomics

CHEX 代幣與 Chintai 的成功直接相關，具有通貨緊縮模型和機構級代幣經濟學

CHEX is poised to reach multiple billions in market cap if things go well

如果一切順利的話，CHEX 的市值預計將達到數十億美元

Background on Tokenization

代幣化背景

Every major bank, financial institution, and government is saying the same thing: tokenization is the future of finance. Nearly every financial asset will be tokenized and brought on-chain, and financial institutions will need their own tokenization platforms—just like they all have apps or websites.

每個主要銀行、金融機構和政府都在說同樣的話：代幣化是金融的未來。幾乎所有金融資產都將被代幣化並上鍊，金融機構將需要自己的代幣化平台——就像它們都有應用程式或網站一樣。

The challenge? Building a tokenization platform is resource-intensive, costing millions of dollars and taking years to develop the necessary automated compliance rules and tech stack. Financial institutions have no choice but to embrace tokenization, or they’ll risk being left behind.

挑戰？建立代幣化平台是資源密集的，需要花費數百萬美元，並且需要數年時間來開發必要的自動化合規規則和技術堆疊。金融機構別無選擇，只能接受代幣化，否則它們將面臨被拋在後面的風險。

The Chintai Solution

Chintai 解決方案

Chintai is a licensed and regulated tokenization platform for financial institutions, holding both RMO and CMS licenses from Singapore's MAS—widely considered the

Chintai 是一家為金融機構提供許可和監管的代幣化平台，持有新加坡 MAS 頒發的 RMO 和 CMS 許可證——被廣泛認為是