Author: flowie, ChainCatcher Editor: Nian Qing, ChainCatcher

The bull market that will start in 2024, behind The most critical driving force is the traditional financial management giants led by BlackRock.

In the recently launched copycat season, the first to lead the gains are RWA, payment and other tracks that traditional financial giants focus on. Among them, tokens such as Ondo, CRV, and ENA, which are closely related to traditional asset management giants such as BlackRock, have experienced very impressive gains. During the sharp market declines on the 10th and 11th, these tokens were also among the tokens that were more resistant or rebounded faster.

Empowering traditional finance, especially tracks and projects supported by traditional financial giants, may be one of the most certain directions of this bull market. ChainCatcher briefly sorted out related projects. (Excludes content on Bitcoin, Ethereum and Solana, XRP crypto ETFs)

BlackRock

BlackRock launched the tokenized fund BUIDL through the compliance tokenization platform Securitize in March this year, with the current scale exceeding US$550 million.

Currently, most of BUIDL is deployed on Ethereum. Last month, BlackRock announced the launch of BUIDL funds on Aptos, Arbitrum, Avalanche, OP and Polygon. The recent performance of the partners or related parties surrounding BUIDL has been relatively impressive.

1. Ondo Finance (Ondo)

Ondo rose 40% last week and broke through 1.93 US dollars, a record high, and is currently down to around 1.86 US dollars. The price has increased by more than 100% in the past month, and the price has increased by more than 880% in the past year; the market value is nearly 2.6 billion US dollars, and the FDV exceeds 18 billion US dollars.

Ondo Finance is the leading project on the RWA track and has close cooperation with BlackRock, which has boosted its multiple rises.

Ondo Finance’s two core products are the tokenized U.S. bond product OUSG. Previously, the vast majority of the OUSG portfolio was BlackRock’s iShares Short-term Treasury Bond ETF (Nasdaq: SHV) In March this year, after BlackRock announced the launch of the tokenized fund BUIDL, Ondo also reallocated most of OUSG's assets to BUIDL. OUSG's current TVL exceeds 1.8. billion, and has provided clients with over $25 million in benefits since its launch

In addition to its close ties with BlackRock, Ondo Finance announced on X this year. In its ecosystem directory, there are also partners such as Morgan Stanley, Ankura Trust, Clear Street and NAV Consulting.

Ondo Finance’s core team is also mostly from. With the background of a well-known traditional asset management company, its co-founder and CEO Nathan Allman was responsible for the global encrypted digital market in the digital asset department of Goldman Sachs. Other core members of Ondo Finance also have backgrounds from top asset management companies such as Goldman Sachs, McKinsey and Bridgewater.

In addition to U.S. bonds, Ondo Finance will also launch Ondo Global Markets on February 6, 2025, which will tokenize stocks and bonds on the chain.

2. Curve (CRV)

As a veteran DeFi leader, CRV’s recent rise is also related to the cooperation with BlackRock. Curve is BlackRock’s entry An important partner in DeFi.

On November 30, Curve issued a statement stating that it has cooperated with the blockchain network Elixir to expand the BlackRock tokenized currency market. Fund BUIDL vs DeFi Access. Users will soon be able to use BlackRock's BUIDL to mint Elixer's stablecoin deUSD, which subsequently rose 60% from $0.5 to $0.8, approaching $1.3 on December 7.

As of press time, it was temporarily trading at US$1.16, up fromIn terms of amplitude, CRV has risen nearly 300% in the past month; its market value exceeds US$1.4 billion, and FDV exceeds US$2.5 billion. CRV’s all-time high price was $60.5 in August 2020, and its all-time low was $0.18 in August of this year.

In addition to the cooperation with BlackRock, Curve's market demand has also surged after the market boom. Curve also said that in the two weeks since Trump took office, Curve's revenue has doubled to $581,000 from the previous average of $268,000.

Recently, CurveDAO also launched the interest-bearing stable currency Savings crvUSD (scrvUSD) to expand new use cases.

3. Ethena (ENA)

On November 29, stablecoin issuer Ethena and tokenization platform Securitize announced that they will soon cooperate to launch the stablecoin USDtb to participate in Sky (former MakerDAO) lending platform Spark’s $1 billion tokenization competition.

USDtb stablecoin reserves will be invested in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), making USDtb the only stablecoin backed by BUIDL.

Affected by this news, ENA continued to rise from around $0.7. It reached a maximum of $1.14 last week and is currently down to $1.1. It has increased by nearly 80% in the past month, with a market value of over $3.2 billion and an FDV of over $16.5 billion.

Ethena is also a project invested by Franklin Templeton.

4. Velo (VELO)

Velo is a global settlement network based on blockchain , providing fast, secure and low-cost cross-border payments for individuals and businesses. DWFLabs invested $10 million in its strategy last year.

In September this year, Velo announced that it had tokenized BlackRock’s BUIDL funds are integrated into its USDV stablecoin, providing seamless trading and earning opportunities to over 1 million users in Southeast Asia.

VELO surged 50% last week, breaking through $0.03. It has now fallen back to around $0.026. It has risen more than 84% in the past week and has a market value of nearly $200 million. , FDV nearly US$800 million.

Fidelity

5. Chainlink (LINK)

Oracle network is also used by financial institutions for proxy Indispensable in monetized assets, Chainlink can help institutions link on-chain and off-chain data and unlock some DeFi use cases.

Chainlink has cooperated with multiple traditional asset management and encryption companies, Web2 giants, and Trump encryption projects this year.

Chainlink has partnered with Fidelity International and Sygnum to bring net asset value (NAV) data from Fidelity's $6.9 billion institutional liquidity fund on-chain in real time. Chainlink has also completed a pilot project in cooperation with Swiss asset management giant UBS and SWIFT to provide settlement for the subscription and redemption operations of tokenized funds through the SWIFT network.

21Shares integrated Chainlink’s proof-of-reserve system to provide transparency for its Ethereum ETF; Sony L2 network Soneium also selected Chainlink as a partner.

It is worth mentioning that the Trump family encryption project World Liberty also recently announced that it will adopt Chainlink on-chain data and cross-chain connection standards. World Liberty also purchased over 40,000 LINK in the past 9 hours.

The price of LINK exceeded US$20 last week and reached a maximum of US$27. After a brief fall, it rose to US$29 today, rising nearly 30% in 24 hours. LINK has also increased by nearly 100% in one month. The last time LINK was above $20 was in January 2020. LINK's all-time high price was set in May 2021 at $52.88.

As of press time, LINK's market value exceeds US$18 billion, and FDV's market value exceeds US$28.9 billion.

Morgan

6. Avalanche (Avax)

Avalanche token Avax has also been launched recently In the middle of the copycat season, it is also a token with good growth among the established public chains. Avax topped $55 last week and is now back around $50, up more than 37% in the past month. Avax's current market capitalization exceeds $20.5 billion, and FDV's is nearly $36 billion.

Judging from the news, Avax's recent rise is not only due to the "hype" of the founder of Ava Labs suggesting that it is promoting cooperation with the United States New Dialogue, it may also be related to Avalanche. Placement on RWA is about growth.

Avalanche has a great advantage in developing RWA. It allows developers or enterprises to create their own independent subnets. Therefore, some RWA projects can be customized according to different or regional requirements. Legal requirements, create exclusive subnets, and flexibly meet cooperation requirements.

JPMorgan Chase works closely with Avalanche, and its digital asset platform Onyx uses Avalanche to build tokenized funds.

In addition, other asset management giants and banks, payment giants, institutions and stable currency giants have adopted Avalanche.

In November, BlackRock announced that Avalanche is one of the multiple public chains it has expanded. Hadron, the asset tokenization platform announced by Tether, also includes Avalanche among the first batch of hosted public chains.

In October, Latin American bank Littio abandoned Ethereum in favor of Avalanche.

In August, Franklin Templeton expanded its tokenized money market fund (FOBXX) to the Avalanche network, having previously been on Stellar, Polygon and Arbitrum trade.

Citibank partnered with WisdomTree and Wellington Management at the beginning of this year to also conduct a proof-of-concept trial for tokenization of private equity funds on the Avalanche subnet Spruce. The California Department of Motor Vehicles also used Avalanche to convert the state’s 42 million Digitizing vehicle ownership certificates

Franklin Templeton

Franklin Templeton’s tokenized fund FOBXX currently exceeds US$440 million, initially in Issued on the Stellar blockchain, and later expanded to Arbitrum, Polygon, Avalanche, Aptos, Ethereum, and Base

Franklin Templeton invests in about 30 crypto projects. Among them, Aptos (APT), Ethena (ENA), Sui (SUI), Puffer Finance (PUFFER), SHRAPNEL (SHRAP), LayerZero (ZRO), Spectral (SPEC), Arcade (ARC) have 8 issued tokens

Puffer. Finance, Ethena and SHRAPNEL are the projects invested in the past year. PUFFER and ENA, the two projects invested in this year, have seen the most eye-catching growth. I have already mentioned the cooperation with the BlackRock Tokenization Fund on stable coins, so I won’t go into details.

7. Stellar (XLM)

Stellar is another payment network founded by Ripple co-founder Jed McCaleb. More than half of the TVL of FOBXX, the tokenized fund of Ripple, is on Stellar. < /p>

Stellar also cooperates with WisdomTree. WisdomTree and other short-term treasury bond digital funds are also launched on Stellar, and WisdomTree Prime application is also launched to 41 states using the Stellar network.

XLM has risen many times in the past month, reaching a maximum of $0.6. It has now fallen back to around $0.44, an increase of more than 260% in the past month. The market capitalization exceeds US$13.3 billion and FDV exceeds US$22.1 billion.

8. Sui (SUI)

In addition to investing in Sui, Franklin Templeton also invested in Sui in November. It also announced a strategic cooperation with Sui, focusing on supporting Sui ecosystem builders and deploying new technologies using the Sui blockchain protocol.

Sui is temporarily trading at US$4.81, up more than 53% in the past month, with a market value of more than US$14.1 billion and an FDV of more than US$48.1 billion.

9. Aptos (APT)

In addition to investment, Franklin Templeton’s tokenization Fund FOBXX has now expanded to Aptos.

APT is temporarily quoted at US$13.87. It has not increased much in the past month, with a peak exceeding US$15. Its market value exceeds US$7.4 billion, and its FDV reaches US$15.6 billion.

10. Puffer Finance (PUFFER)

Puffer Finance is a liquidity pledge based on EigenLayer protocol. Puffer Finance’s $18 million investment in April included participation from Franklin Templeton and Avon Ventures, a venture capital fund linked to the parent company of Fidelity Investments.

PUFFER also rose sharply last week to approach $1, and is currently back down to $0.82, an increase of nearly 130% in the past week. Its current market capitalization is more than $84 million, and its FDV exceeds $820 million.

11. LayerZero (ZRO)

LayerZero, as one of the three cross-chain heroes, has also been on a good run recently. Last week, LayerZero’s token ZRO hit a record high, reaching a maximum of $7.4, and is now back down to $6.98. The last one rose more than 77%. ZRO has a market capitalization of US$760 million and FDV of US$6.9 billion.

What deserves attention recently is that LayerZero (ZRO) will hold a referendum on December 19 to start fee conversion.

The LayerZero protocol may Charge a fee equal to the total cost of verification and execution of cross-chain messages. If the fee switch is activated through governance, the Referendum Fiscal Contract will charge fees on the local chain and destroy them.

12. SHRAPNEL (SHRAP)

SHRAPNEL is a AAA-level FPS game. The investment team also includes Polychain, IOSG Ventures, Dragonfly, and DeFiance Capital. , Mechanism Capital, Spartan Group and other well-known institutions

However, the Shrapnel team had internal strife at the end of last year, and Shrapnel game studio Neon Machine. The lawsuit was mentioned to many investors, claiming that it was trying to seize control of the company and the treasury.

SHRAP was temporarily quoted at US$0.04, with a market value of over US$33 million, and FDV exceeded US$33 million. 124 million US dollars

13. Spectral (SPEC)

Spectral was originally Base. The machine intelligence network on the chain is now positioned as a platform to help users implement smart contract AI programming.

In March this year, Spectral launched the artificial intelligence application Syntax. The program helps anyone launch smart contracts for Ethereum and dozens of other blockchains, and users can compile, debug and deploy AI-generated Solidity code

In addition to Franklin Templeton’s investment, Polychain Capital, Galaxy Digital, Samsung, Circle Ventures, and Jump Capital are also early investors in Spectral.

In recent days, the AI ​​sector has led the gains. SPEC last broke through a record high of US$18, and is currently back to US$13; the market value exceeds US$183 million, and the FDV exceeds 13 billion dollars.

14. Arcade (ARC)

Arcade is a GameFi platform that gives the community opportunities Earn meaningful rewards from a variety of Play-and-Earn Metaverse games without directly playing the game or owning an in-game NFT. Franklin Templeton invested in Arcade in 2021, and well-known institutions such as Pantera Capital, Crypto.com Capital, Solana Ventures, Shima Capital, GSR, LD Capital, and KuCoin Labs are among its early investors.

At the beginning of this year, Crypto.com Capital, Solana Ventures, Shima Capital, GSR, and KuCoin Labs invested again in Arcade.

ARC is temporarily quoted at US$0.038, with a market value of less than US$1 million and an FDV of more than US$30 million.

VanEck

In addition to its linkage with Pudgy Penguins, in October this year, VanEck announced the launch of a US$30 million venture capital fund to support the development of the encryption and AI industries.

It has previously invested in at least 7 encryption projects, among which GEODNET (GEOD), Parallel (PRIME), and 1inch (1INCH) have issued coins.

15. Pudgy Penguins(PENGU)

Pudgy Penguins, which plans to issue coins in 2024 and has airdrop expectations last week, has also seen its floor price rise sharply, exceeding 27ETH. Pudgy Penguins is also competing with VanEck There are some connections.

In June this year, the asset management agency VanEck changed the social media avatar of the X platform to Pudgy Penguins, and also wrote: "The boss thinks this is too It’s so cute, I can’t do it without pfp.” Pudgy Penguins also appeared in VanEck’s ETH ETF promotional video.

However, recently, Pudgy Penguins’ tokens are planned to be launched on Solana.

16. Parallel (PRIME)

Parallel is a science fiction-themed trading card Card Game (TCG), the team members of this project include senior developers of AAA games such as "Assassin's Creed" and "Valorant", as well as YouTube co-founder Chad Hurley.

In addition to VanEck, Paradigm, Solana Ventures, Base, Amber Group, Spartan Group, etc. participated in the investment. The first financing was in 2021, and Paradigm 5000 was obtained With an investment of US$50 million, the valuation reached US$500 million.

This year Parallel also launched the AI ​​survival simulation game Colony on Solana and released the AI ​​encryption game Moon Landing Plan.

PRIME is temporarily trading at US$15.78, an increase of more than 53% in just one month. Its current market value exceeds US$566 million, and its FDV exceeds US$1.7 billion.

17. GEODNET (GEOD)

GEODNET is a DEPIN project that uses a new type of roof space weather station from earth and itsAtmosphere collects dense real-time geospatial data. In addition to VanEck, Animoca Brands, Pantera Capital, CoinFund and IoTeX are among its investors. Animoca Brands has also entered into a strategic partnership with GEODNET.

GEOD is temporarily quoted at US$0.24, with no significant increase recently. The market value exceeds US$48 million, and the FDV exceeds US$240 million.

18, 1inch (1INCH)

Old DEX aggregator 1inch also ranks first in terms of market share The second aggregator, 1INCH, broke through $0.6 last week and is now back down to $0.51, rising more than 63% in the past month; its market value exceeds $720 million, and FDV exceeds $777 million.

After the currency price rose last week, the 1inch team sold 1INCH for three consecutive days from the 5th to the 7th, converting a total of 15.698 million 1INCH into 8.38 million USDC. The average selling price is $0.533.

WisdomTree

In addition to applying for XRP ETF, WisdomTree has also been actively tokenizing funds and other RWA products recently.

WisdomTree recently stated that platform users can now spend funds from the WisdomTree Money Market Digital Fund (WTGXX) directly through their Visa debit cards. The fund currently has approximately $12 million in assets under management.

In addition, WisdomTree has launched the RWA platform to allow users to access its regulated fund tokens through any wallet or blockchain network, with plans to eventually expand access to these assets visit.

WisdomTree has also obtained an NYDFS license and will launch the encryption application WisdomTree Prime.

The short-term treasury bond digital fund launched by WisdomTree in 2022 was also the first to be deployed on Ethereum and Stellar. WisdomTree has also been conducting proof-of-concept trials on tokenization for private equity funds on the Avalanche subnet Spruce.

Goldman Sachs

Goldman Sachs’ layout in the encryption field in 2025 is also worthy of attention.

Recent market news reported that the CEO of Goldman Sachs said that if regulatory authorities allow it, it will "evaluate" participation in the Bitcoin or Ethereum market. Goldman Sachs’ focus on cryptocurrencies other than Bitcoin may also be an important turn.

Previously, Goldman Sachs’ head of digital assets said in the middle of this year that it planned to launch three tokenization projects before the end of the year, including its first U.S. project. Goldman Sachs is expanding its cryptocurrency services with a focus on tokenization, where "real-world assets" such as money market funds and real estate are issued via public or private blockchains.

Currently, Goldman Sachs has not disclosed more project content and partners of the tokenized fund, so you can continue to pay attention.

Goldman Sachs has also previously invested in asset management or infrastructure projects such as Circle, BitGO, Blockdaemon, and Certik.