——Compilation of space views on March 18

Introduction

In recent years, as traditional financial giants such as BlackRock and Goldman Sachs accelerate their layout in the RWA track, the total scale of on-chain RWA assets has exceeded tens of billions of dollars. However, the rapid expansion in this field is also accompanied by multiple challenges such as compliance, liquidity, and asset quality. In a recent space AMA discussion with the theme of "BlackRock and Goldman Sachs crazy layout! Is RWA the next opportunity to get rich?", three senior industry observers: Mao Zong, Sicheng and Wang Rui, partner of Asymmetry Capital and FINMETA consultant - discussed the current situation and future of RWA from different perspectives.

1. RWA's cyclical game and institutional strategic considerations

1.1 Federal Reserve and Market Trends

Master said from a macroeconomic perspective that the Fed's interest rate hike cycle has an impact on the global real economy, and traditional financial assets are facing pressure in the short term. He took the 20% plunge in French real estate prices as an example, emphasizing that the decline in traditional asset yields is driving institutions to seek alternatives to tokenized assets.

Mao Zong proposed that RWA attracts four core advantages:

1. Lower the investment threshold through tokenization, such as gold, stocks and other assets, can be divided into smaller units.

2. DeFi combination: After the assets are put on the chain, they can seamlessly connect to lending, liquidity mining and other operations to amplify their earnings potential.

3. Reduced transaction costs: Blockchain technology reduces intermediate links, such as the cost of fiat currency pairing in Hong Kong dropped from 12% to a few thousandth.

4. Risk hedging and diversification: The combination of traditional assets and crypto assets provides institutions with new hedging tools.

1.2 Strategic intention of institutions to enter the market

Wang Rui believes that traditional financial institutions value RWA's two thingsGreat potential:

Liquidity improvement: expanding products that were originally only for high-net-worth customers to the retail market.

Cross-regional liquidity: For example, assets such as Dubai real estate and African minerals are circulated globally through tokenization.

He specifically mentioned that the integration of institutions' demand for transparency and blockchain technology is the key to promoting cooperation.

2. RWA competitive landscape and differentiation factors

2.1 Key elements for project survival

With the surge in the number of RWA projects, what are the key factors that stand out in future competition?

Sicheng proposed from the perspective of project life cycle:

First-term: Compliance framework and legal agreement design are the "life and death lines".

Growth period: Liquidity plans determine user retention and market expansion.

Maturity stage: The compliance framework needs to be further strengthened to meet global needs.

Wang Rui: Business model innovation is also crucial. He gave an example that some projects attract users through high APY (annualized yield) and combine the platform currency repurchase mechanism to form a "liquidity flywheel". Although this model is effective in the short term, it depends on the quality of the underlying asset in the long term.

2.2 Disputes on legal agreements and compliance

Cat, the current RWA market is still in the early stage of wild growth, and the phenomenon of bad money driving out good money is significant. He took the failure of three projects in the Hong Kong conference as an example and pointed out that the lack of supervision has led to frequent fraud: "If compliance cannot be resolved, the industry will repeat the mistakes of the metaverse." He suggested that project parties should give priority to regions with clear supervision such as Singapore and Hong Kong, and introduce third-party audit institutions to verify the authenticity of assets.

3. Bad money drives out good money: phenomenon and solutions

3.1 Reverse selection and market chaos

Mao General pointed out that some items that have not disclosed the underlying assetsIn fact, the purpose of obtaining higher capital inflows.

He analyzed that this phenomenon originated from:

Information asymmetry: Investors lack a unified perception and are easily attracted by high-yield publicity.

Speculative Psychology: The market focuses more on short-term speculation than asset quality.

Regulatory vacuum: lack of audit standards and legal accountability mechanisms, and the project party tends to hide risks.

3.2 The way to break the deadlock

In response to the above problems, the three guests proposed different solutions:

General Mao: Calling on the establishment of a global regulatory framework, forcing the disclosure of underlying assets and introducing on-chain audit tools.

Sicheng: It is recommended to increase the cost of evil through technical means, such as deploying multiple oracles to verify asset data.

Wang Rui: believes that the market will naturally eliminate inferior projects, and institutions should focus on developing "interesting and practical" asset classes, such as real estate rental tokenization.

Conclusion

The rise of RWA marks the deep integration of traditional finance and the crypto world, but its development path is still full of uncertainty. Whether it is the improvement of the compliance framework, the breakthrough of technical bottlenecks, or the deepening of market education, industry participants need to work together. As Sicheng said: "RWA is by no means a simple asset to be chained, but an experiment to reshape financial weight." The success or failure of this experiment will determine whether it is the sickle of traditional institutions to harvest the crypto market or the real carrier of inclusive finance.

Note: This article is based on live discussions by guests. Some data has been supplementary and verified and does not constitute investment advice. The market is risky, so be cautious in making decisions.