RWA部门的最新变化

上一篇文章从第一层观点讨论了东部和西部市场的观点。今天，与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.

上一篇文章从第一层观点讨论了东部和西部市场的观点。今天，与Yzi Labs在Plume Network RWA平台上进行投资的正式宣布相吻合，我想谈谈我在RWA领域观察到的最近的变化。

This topic can be divided into four parts:

该主题可以分为四个部分：

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，让我们讨论1- RWA确实具有应用程序方案，或者PMF-（在这里，我们首先将美国财政债券的Stablecoin领域（如往常）排除在内，MKR等已经找到PMF。许多人认为，将我们的股票放在链上是多余的。那些真正想交易美国股票的人都有自己的渠道，任何链子上的任何资产都可能比美国股票更波动，这使得与链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。就个人而言，我相信美国的链接确实具有其意义。

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?

从另一个角度来看，诸如USDT/USDC之类的Stablecoins的总市值正在增长，这是相对于传统融资而扩散美元霸权的另一种途径。如果Crypto通过Stablecoins + Payfi +类似于Alipay的智能钱包经验，那么有一天会朝着大规模收养迈进，您是否认为美国人愿意让整个世界接管他们的美国股票？其他国家 /地区的大多数人都希望与各种银行和经纪人开设帐户，以购买自己的挣扎股票，还是发现只需单击一键就可以在世界上最大的经济体投资（例如在淘宝上购物）更简单？

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.

即使您有一个美国股票帐户，您也需要首先将此100,000 U的OTC送入法定货币，将菲亚特通过银行发送到经纪人的帐户，然后开始从经纪人那里购买。整个过程通常需要3-5个工作日（早在2017年，在我进入比特币之前，我通过澳大利亚的First Trade购买了我们的股票，而Swift Transe则花费了4-5天，再加上50美元以上的巨额费用）。如果有一天特斯拉（Tesla）上升，您想将其出售并转换回BTC或U，则必须再次进行此过程……想象一下，如果美国股票是链的，则可以立即将模因利润转换为特斯拉。摩擦成本的降低不仅仅是一个很小的改善。这是经验的十倍或百倍增强。

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

接下来，让我们谈谈2-哪些RWA资产适合链接？

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

同样，已经证明自己已经证明了自己的T-bill也没有在讨论中。其他RWA资产实际上取决于特定的目标受众。

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.

对于消费者而言，库存无疑是最合适的。大多数零售投资者可能从未遇到过主要的私募股权。即使您将一家非公共公司的权益归为股权，很少有人能够理解，购买和持有它。此外，离心机等平台上的私人信贷抵押品（例如房地产市场中的桥梁贷款或公司应收账款）也不适合消费者。绝大多数零售用户可能只熟悉股票。更多的消费者方案应涉及使以前没有渠道购买渠道的用户可以使用资产，这是一个从0到1的过程。

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;只是这个流通过程相对繁琐，充满了摩擦。与Swift相比，将其放在链上可以显着增强用户体验和流速，就像Payfi一样。

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.

说到这一点，我回想起去年关于一个RWA项目的对话，其母公司是美国一家排名良好的资产管理机构。他们计划在自己的交易平台上从其资产管理平台客户（例如Musk's SpaceX）发行代币化的主要权益股票，使代币可以轻松地散发并进行交易，最终在SpaceX公开时一口气解决。

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，对于业务方面，除了有限的交易用户是机构和企业外，发行实体也相对限制。就像上面的示例一样，除非您已经管理了大量的SpaceX权益，否则，如果您只是STO或RWA平台，则吸引SpaceX Equity持有人发行代表SpaceX Equity的代币会涉及有关资源合作，法律条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,

也有许多中间情况既可以c and c and b to b，例如IP链链故事协议，