RWA部門的最新變化

上一篇文章從第一層觀點討論了東部和西部市場的觀點。今天，與Yzi Labs的正式公告相吻合

Author: Lao Bai

作者：老拜

The previous article discussed the perspectives of Eastern and Western markets from a first-level viewpoint. Today, coinciding with YZi Labs' official announcement of investment in the Plume Network RWA platform, I would like to talk about the recent changes I have observed in the RWA sector.

上一篇文章從第一層觀點討論了東部和西部市場的觀點。今天，與Yzi Labs在Plume Network RWA平台上進行投資的正式宣布相吻合，我想談談我在RWA領域觀察到的最近的變化。

This topic can be divided into four parts:

該主題可以分為四個部分：

First, let's discuss 1 - Does RWA really have application scenarios, or PMF - (Here, we first exclude the stablecoin sector of US Treasury bonds, as Usual, MKR, etc., have already found PMF.) Taking US stocks on-chain as an example, this is the most contentious topic on Twitter. Many people believe that putting US stocks on-chain is redundant; those who really want to trade US stocks have their own channels, and any asset on-chain is likely to be more volatile than US stocks, making it unnecessary to play with stocks on-chain.

首先，讓我們討論1- RWA確實具有應用程序方案，或者PMF-（在這裡，我們首先將美國財政債券的Stablecoin領域（如往常）排除在內，MKR等已經找到PMF。許多人認為，將我們的股票放在鏈上是多餘的。那些真正想交易美國股票的人都有自己的渠道，任何鍊子上的任何資產都可能比美國股票更波動，這使得與鏈接股票的股票不必要。

I have a different opinion. Personally, I believe that US stocks on-chain do have their significance.

我有不同的看法。就個人而言，我相信美國的鏈接確實具有其意義。

From another angle, the total market capitalization of stablecoins like USDT/USDC is growing larger, which is another avenue for the diffusion of US dollar hegemony relative to traditional finance. If crypto, through stablecoins + Payfi + a smart wallet experience similar to Alipay, really moves towards mass adoption one day, do you think Americans would be willing to let the whole world take over their US stocks? Would most people in other countries prefer to open accounts with various banks and brokers to buy their own struggling stocks, or would they find it simpler to invest in the world's largest economy with just one click, like shopping on Taobao?

從另一個角度來看，諸如USDT/USDC之類的Stablecoins的總市值正在增長，這是相對於傳統融資而擴散美元霸權的另一種途徑。如果Crypto通過Stablecoins + Payfi +類似於Alipay的智能錢包經驗，那麼有一天會朝著大規模收養邁進，您是否認為美國人願意讓整個世界接管他們的美國股票？其他國家 /地區的大多數人都希望與各種銀行和經紀人開設帳戶，以購買自己的掙扎股票，還是發現只需單擊一鍵就可以在世界上最大的經濟體投資（例如在淘寶上購物）更簡單？

Even if you have a US stock account, you first need to OTC this 100,000 U into fiat currency, send the fiat through a bank to the broker's account, and then start buying from the broker. This entire process typically takes 3-5 business days (back in 2017, before I got into Bitcoin, I bought US stocks through FirstTrade in Australia, and just the SWIFT transfer took 4-5 days, plus a hefty fee of over $50). If one day Tesla rises and you want to sell and convert it back to BTC or U, you have to go through this process again… Imagine if US stocks were on-chain, you could instantly convert your meme profits into Tesla. The reduction in friction costs is not just a small improvement; it’s a tenfold or hundredfold enhancement in experience.

即使您有一個美國股票帳戶，您也需要首先將此100,000 U的OTC送入法定貨幣，將菲亞特通過銀行發送到經紀人的帳戶，然後開始從經紀人那裡購買。整個過程通常需要3-5個工作日（早在2017年，在我進入比特幣之前，我通過澳大利亞的First Trade購買了我們的股票，而Swift Transe則花費了4-5天，再加上50美元以上的巨額費用）。如果有一天特斯拉（Tesla）上升，您想將其出售並轉換回BTC或U，則必須再次進行此過程……想像一下，如果美國股票是鏈的，則可以立即將模因利潤轉換為特斯拉。摩擦成本的降低不僅僅是一個很小的改善。這是經驗的十倍或百倍增強。

Next, let's talk about 2 - Which RWA assets are suitable for on-chain?

接下來，讓我們談談2-哪些RWA資產適合鏈接？

Similarly, T-Bills, which have already proven themselves, are not under discussion. Other RWA assets actually depend on the specific target audience.

同樣，已經證明自己已經證明了自己的T-bill也沒有在討論中。其他RWA資產實際上取決於特定的目標受眾。

For the consumer side, stocks are undoubtedly the most suitable. Most retail investors have probably never encountered primary private equity; even if you tokenize the equity of a non-public company, few people would be able to understand, buy, and hold it. Additionally, private credit collateral on platforms like Centrifuge, such as bridge loans in the real estate market or corporate receivables, are also not suitable for consumers. The vast majority of retail users are likely only familiar with stocks. More scenarios for consumers should involve making an asset accessible to users who previously had no channels to purchase it, which is a process from 0 to 1.

對於消費者而言，庫存無疑是最合適的。大多數零售投資者可能從未遇到過主要的私募股權。即使您將一家非公共公司的權益歸為股權，很少有人能夠理解，購買和持有它。此外，離心機等平台上的私人信貸抵押品（例如房地產市場中的橋樑貸款或公司應收賬款）也不適合消費者。絕大多數零售用戶可能只熟悉股票。更多的消費者方案應涉及使以前沒有渠道購買渠道的用戶可以使用資產，這是一個從0到1的過程。

On the other hand, for the business side, there are many more things that can be tokenized, but relative to the consumer side's process from 0 to 1, the business side should focus more on reducing friction from 1 to 100. Just as primary private equity already circulates among some institutions and high-net-worth investors, bridge loan collateral placed on Centrifuge is likely to secure loans from banks as well; it’s just that this circulation process is relatively cumbersome and fraught with friction. Putting it on-chain can significantly enhance user experience and flow speed, much like Payfi compared to SWIFT.

On the other hand, for the business side, there are many more things that can be tokenized, but relative to the consumer side's process from 0 to 1, the business side should focus more on reducing friction from 1 to 100. Just as primary private equity already circulates among some institutions and high-net-worth investors, bridge loan collat​​eral placed on Centrifuge is likely to secure loans from banks as well;只是這個流通過程相對繁瑣，充滿了摩擦。與Swift相比，將其放在鏈上可以顯著增強用戶體驗和流速，就像Payfi一樣。

Speaking of this, I recall a conversation last year about an RWA project whose parent company is a well-ranked asset management institution in the US. They planned to issue tokenized shares of primary equity from their asset management platform clients, such as Musk's SpaceX, on their own trading platform, allowing the tokens to circulate and be traded easily, ultimately settling in one go when SpaceX goes public.

說到這一點，我回想起去年關於一個RWA項目的對話，其母公司是美國一家排名良好的資產管理機構。他們計劃在自己的交易平台上從其資產管理平台客戶（例如Musk's SpaceX）發行代幣化的主要權益股票，使代幣可以輕鬆地散發並進行交易，最終在SpaceX公開時一口氣解決。

Therefore, for the business side, aside from the limited trading users being institutions and enterprises, the issuing entities are also relatively restricted. Just like the example above, unless you already manage a significant amount of SpaceX equity, if you are merely an STO or RWA platform, attracting SpaceX equity holders to issue tokens representing SpaceX equity involves considerable friction in terms of resource cooperation, legal terms, and more.

因此，對於業務方面，除了有限的交易用戶是機構和企業外，發行實體也相對限制。就像上面的示例一樣，除非您已經管理了大量的SpaceX權益，否則，如果您只是STO或RWA平台，則吸引SpaceX Equity持有人發行代表SpaceX Equity的代幣會涉及有關資源合作，法律條款等方面的大量摩擦。

There are also many intermediate cases that can be both To C and To B, such as IP on-chain like Story Protocol,

也有許多中間情況既可以c and c and b to b，例如IP鍊鍊故事協議，