機構融合：代幣化的現實世界資產連結 TradFi 和加密貨幣

機構對代幣化現實世界資產（RWA）的興趣正在飆升，因為這些資產提供了新的投資和流動性機會。在這種日益增長的親和力中，XinFin XDC 網路上的 DeFi 流動性管理協議 Fathom 正在解決與 DeFi 生態系統中 RWA 流動性管理相關的挑戰。透過其創新方法，Fathom 使機構能夠利用代幣化的 RWA 作為貸款、交易和其他金融活動的抵押品，從而增強這些資產的可近性和流動性。

Tokenized Real-World Assets: Unveiling the Potential for Institutional Adoption in the Crypto Space

代幣化的現實世界資產：揭示加密貨幣領域機構採用的潛力

Amidst the myriad narratives shaping the crypto landscape, tokenized real-world assets (RWAs) have emerged as a beacon of innovation, attracting the attention of institutional players from the traditional finance (TradFi) realm. These institutional-friendly assets hold immense promise for unlocking novel avenues for investment and liquidity while introducing unique challenges.

在塑造加密貨幣格局的無數敘述中，代幣化現實世界資產（RWA）已成為創新的燈塔，吸引了傳統金融（TradFi）領域機構參與者的注意。這些機構友善資產為開啟新的投資和流動性途徑帶來了巨大的希望，同時也帶來了獨特的挑戰。

Exploring the Institutional Affinity for Tokenized RWAs

探索代幣化 RWA 的機構親和力

To gain insights into this burgeoning trend, TheNewsCrypto engaged in a comprehensive discussion with Manuel Rensink, co-founder of Fathom, a DeFi liquidity management protocol operating on XinFin's XDC Network.

為了深入了解這一新興趨勢，TheNewsCrypto 與 Fathom 聯合創始人 Manuel Rensink 進行了全面討論，Fathom 是在 XinFin 的 XDC 網路上運行的 DeFi 流動性管理協議。

The Genesis of Fathom: Bridging the Gap between RWAs and DeFi

Fathom 的起源：彌合 RWA 和 DeFi 之間的差距

Manuel Rensink (MR) embarked on his DeFi journey following an extensive career in TradFi. Having worked at renowned financial institutions such as Chase Manhattan Bank, Deutsche Bank, and a JP Morgan spin-off, he made a pivotal transition into the crypto space in 2016. His subsequent role at a Swiss crypto exchange, one of the early pioneers in security tokens, paved the way for his involvement with Securrency, an innovative company dedicated to compliantly integrating assets onto the blockchain.

Manuel Rensink (MR) 在 TradFi 從事廣泛的職業生涯後開始了他的 DeFi 之旅。他曾在大通曼哈頓銀行、德意志銀行和摩根大通分拆公司等知名金融機構工作過，並於2016 年實現了進入加密貨幣領域的關鍵轉型。交易所是加密貨幣領域的早期先驅之一。

During his tenure at Securrency, Rensink encountered a significant challenge: determining the optimal utilization of tokenized assets once they had been brought onto the blockchain. Regulatory hurdles and the absence of secondary trading platforms hindered the potential of these assets.

在 Securrency 任職期間，Rensink 遇到了一個重大挑戰：確定代幣化資產進入區塊鏈後的最佳利用方式。監管障礙和二級交易平台的缺乏阻礙了這些資產的潛力。

Recognizing this gap, Rensink and his co-founders envisioned the use of DeFi as a distribution channel for tokenized RWAs. They explored collateralization methods that enabled these assets to be deployed on the blockchain, allowing users to borrow or lend stablecoins against them. They also investigated the creation of trading platforms on decentralized exchanges (DEXs) and the integration of RWAs into automated asset managers, vaults, and lending protocols.

在認識到這一差距後，Rensink 和他的聯合創始人設想使用 DeFi 作為代幣化 RWA 的分發管道。他們探索了抵押方法，使這些資產能夠部署在區塊鏈上，允許用戶借入或借出穩定幣。他們還研究了去中心化交易所 (DEX) 上交易平台的創建以及將 RWA 整合到自動化資產管理器、金庫和借貸協議中。

Addressing Liquidity Challenges for RWAs in DeFi Ecosystems

解決 DeFi 生態系中 RWA 的流動性挑戰

Rensink acknowledges the complexities involved in managing liquidity for RWAs within DeFi ecosystems. While asset managers have been actively exploring tokenization, the current challenge lies in achieving broader distribution across multiple platforms and DeFi protocols. This would allow tokenized RWAs to serve as collateral for a wide range of financial activities, including lending smart contracts, liquidity pools, vaults, lending protocols, and automated market makers (AMMs) such as Uniswap.

Rensink 承認在 DeFi 生態系統中管理 RWA 的流動性非常複雜。儘管資產管理公司一直在積極探索代幣化，但當前的挑戰在於在多個平台和 DeFi 協議上實現更廣泛的分配。這將使代幣化的 RWA 能夠作為各種金融活動的抵押品，包括借貸智慧合約、流動性池、金庫、借貸協議和 Uniswap 等自動做市商 (AMM)。

Such enhanced accessibility would foster liquidity, ultimately increasing the utility of these assets.

這種增強的可近性將促進流動性，最終提高這些資產的效用。

FXD: A Stablecoin Differentiated by Mechanism and Use Cases

FXD：機制和用例差異化的穩定幣

Institutions have embraced the stablecoin market, with the dollar-pegged market reaching a milestone of $160 billion. Among the array of stablecoins, FXD stands out with its unique mechanism and use cases.

機構紛紛擁抱穩定幣市場，與美元掛鉤的市場達到了 1,600 億美元的里程碑。在眾多穩定幣中，FXD 以其獨特的機制和用例脫穎而出。

Unlike traditional stablecoins that tokenize bank deposits, FXD functions as both a mechanism and a liquidity protocol. It enables holders of RWAs to borrow FXD stablecoins, which are over-collateralized by their assets. This opens up a range of financial opportunities, including payments, cross-border transfers, trading pairs, and participation in lending protocols.

與將銀行存款代幣化的傳統穩定幣不同，FXD 既充當機制又充當流動性協議。它使 RWA 持有者能夠借入 FXD 穩定幣，這些穩定幣由其資產進行超額抵押。這帶來了一系列金融機會，包括支付、跨境轉帳、交易對和參與借貸協議。

Furthermore, FXD's regulatory advantage stems from its classification as a non-systemic and crypto-friendly stablecoin, potentially mitigating the scrutiny faced by deposit-backed stablecoins such as USDT and USDC.

此外，FXD 的監管優勢源於其被歸類為非系統性且加密友善的穩定幣，可能會減輕 USDT 和 USDC 等存款支持的穩定幣面臨的審查。

Expanding Asset Portfolio and Enhancing Protocol Scalability

擴大資產組合併增強協議可擴展性

Having surpassed $7 million in total value locked (TVL), Fathom has outlined its plans to expand its asset portfolio and enhance protocol scalability. Diversifying the assets backing FXD is a key priority, with gold emerging as the second asset type following XDC's protocol token. The integration of tokenized money market funds and credit-like assets is also being considered.

Fathom 的總鎖定價值 (TVL) 已超過 700 萬美元，該公司概述了擴大資產組合和增強協議可擴展性的計劃。支持 FXD 的資產多元化是一個關鍵優先事項，黃金成為繼 XDC 協議代幣之後的第二種資產類型。代幣化貨幣市場基金和信貸類資產的整合也在考慮之中。

Institutional Involvement: A Growing Trend

機構參與：日益增長的趨勢

The recent launch of spot Bitcoin ETFs in the U.S. and Hong Kong, coupled with Australia's anticipated entry by 2024, underscores the growing institutional involvement in crypto. Rensink anticipates continued expansion as more traditional players recognize the financialization potential of crypto, particularly Ethereum and DeFi.

最近在美國和香港推出了現貨比特幣 ETF，加上澳洲預計在 2024 年加入，凸顯了機構對加密貨幣的參與不斷增加。 Rensink 預計，隨著更多傳統參與者認識到加密貨幣（尤其是以太坊和 DeFi）的金融化潛力，其業務將繼續擴張。

Notably, major institutions such as BlackRock, Hamilton Lane, WisdomTree, Ark, and Franklin Templeton are embracing blockchain and DeFi as viable distribution channels, highlighting the transformative potential of these technologies. These developments stand in stark contrast to the setbacks experienced by FTX and other CeFi and DeFi players in recent years.

值得注意的是，BlackRock、Hamilton Lane、WisdomTree、Ark 和 Franklin Templeton 等主要機構都將區塊鏈和 DeFi 作為可行的分銷管道，凸顯了這些技術的變革潛力。這些發展與 FTX 和其他 CeFi 和 DeFi 參與者近年來經歷的挫折形成鮮明對比。

Valuation and Future Outlook for the RWA Ecosystem

RWA 生態系統的估價與未來展望

When asked about the potential valuation of the RWA ecosystem in the coming years, Rensink acknowledges the challenges involved in estimating crypto's market size. Nevertheless, industry experts project that crypto could reach $30-35 trillion in the next five years, with a near-term target of a few trillion dollars.

當被問及 RWA 生態系統未來幾年的潛在估值時，Rensink 承認估算加密貨幣市場規模所面臨的挑戰。儘管如此，行業專家預計，未來五年加密貨幣價值可能達到 30-35 兆美元，近期目標為數兆美元。

Fathom's immediate focus, however, is on scaling its TVL, with a goal of reaching $100 million by year-end, primarily through the integration of RWAs.

然而，Fathom 的當前重點是擴大其 TVL，目標是到年底達到 1 億美元，主要透過 RWA 的整合。

Disclaimer: This article is provided solely for informational purposes and does not constitute financial, legal, tax, or investment advice.

免責聲明：本文僅供參考，並不構成財務、法律、稅務或投資建議。