原作者：邁爾斯·多伊徹

原始來(lái)源：X

編譯：弗蘭克、前瞻新聞

RWA是這個(gè)加密周期中最大的機(jī)會(huì)之一，貝萊德剛剛推出了代幣化基金，預(yù)計(jì)到2030年代幣化資產(chǎn)的市值將達(dá)到10萬(wàn)億美元。

2024 年 RWA 的新信號(hào)

RWA是指將實(shí)物資產(chǎn)，如黃金、房地產(chǎn)和其他商品，在區(qū)塊鏈上代幣化為加密貨幣，這將帶來(lái)以下優(yōu)勢(shì)：

• 提高效率（無(wú)需經(jīng)紀(jì)人，降低成本）；

• 可訪(fǎng)問(wèn)性（可分割為更小的份額，更大的流動(dòng)性）；

實(shí)物資產(chǎn)代幣化（RWA）將成為鏈上價(jià)值的主要驅(qū)動(dòng)力，原因如下：

• 他們可以進(jìn)入巨大的傳統(tǒng)市場(chǎng)，例如全球債券市場(chǎng)（133萬(wàn)億美元）和黃金市場(chǎng)（13.5萬(wàn)億美元）；

• 您可以使用產(chǎn)生實(shí)際收入的實(shí)物資產(chǎn)來(lái)獲得 DeFi 收入；

• 降低進(jìn)入壁壘；

• 降低經(jīng)紀(jì)人和中間商成本；

它們?nèi)绾喂ぷ鳎?/p>

RWA 以鏈上代幣的形式代表資產(chǎn)的所有權(quán)。發(fā)行人使用智能合約來(lái)鑄造 RWA 并確定如何在其底層區(qū)塊鏈上對(duì)其進(jìn)行估值和交易。每個(gè)代幣代表資產(chǎn)的部分或全部?jī)r(jià)值。

以下數(shù)據(jù)支持了對(duì) RWA 不斷增長(zhǎng)的需求：

• 代幣化公共證券的市值現(xiàn)已超過(guò) 7 億美元；

• 根據(jù)美國(guó)銀行的一份報(bào)告，代幣化黃金市場(chǎng)也接近 10 億美元；

需求激增背后的主要因素之一是貝萊德最近進(jìn)軍 RWA 領(lǐng)域，最近推出了代幣化債券的數(shù)字資產(chǎn)基金，短短兩周內(nèi)市值已增長(zhǎng)至 2.74 億美元，市場(chǎng)份額達(dá)到 37.53%。

貝萊德首席執(zhí)行官拉里·芬克長(zhǎng)期以來(lái)一直堅(jiān)信代幣化是證券的未來(lái)，鑒于拉里的樂(lè)觀態(tài)度和基金的整體表現(xiàn)，貝萊德參與該行業(yè)的可能性只會(huì)隨著時(shí)間的推移而不斷增加。

但關(guān)注 RWA 的不僅僅是 BlackRock，花旗、富蘭克林鄧普頓和摩根大通等其他主要 TradFi 參與者也開(kāi)始涉足 RWA 領(lǐng)域，所有這些都增加了 RWA 行業(yè)在 2024 年及以后的合法性。這股熱情帶動(dòng)了整個(gè) RWA 代幣領(lǐng)域的興趣激增，使 RWA 成為今年迄今為止表現(xiàn)第三佳的敘事領(lǐng)域（僅次于 meme 和 AI 敘事）。

誰(shuí)將從中受益？

現(xiàn)在我們已經(jīng)對(duì) RWA 領(lǐng)域有了一個(gè)概述，讓我們看看一些可能受益于對(duì) RWA 日益增長(zhǎng)的興趣的關(guān)鍵項(xiàng)目（按行業(yè)分析）：

1.L1和L2區(qū)塊鏈

Popular narratives usually attract a lot of liquidity and users to the main chain that supports the underlying DApp. Therefore, the L1 chain that launches the RWA protocol can indirectly enjoy the benefits of its rise. Although this type of investment method has a strong ability to hedge downside risks, its disadvantage is the lack of direct upside potential.

In summary, if one wants to gain more potential upside associated with RWAs, then RWA-focused blockchains such as Redbelly Network and MANTRA Chain can provide more direct exposure.

2. Oracle

The RWA protocol actively uses oracles to ensure accurate price data flow so that data can be transmitted across blockchains - ensuring that RWA prices are consistent with real-world markets is a critical element in the tokenization process.

For example, if your house has increased in value by 50%, the tokenized property should accurately reflect this, and the oracle is responsible for bridging this information to the blockchain, which is why I am bullish on oracles such as Chainlink.

Chainlink unleashes the full potential of RWA by providing real-time, secure, and cross-chain information bridges. As one of the veteran oracles, Chainlink's services are widely used throughout the industry for proof of reserves, identity authentication, data streaming, and more.

If you want to reduce risk, other oracles such as Pyth may be more attractive. While Chainlink serves a wider range of areas, Pyth is more attractive as an Ethereum DeFi-centric investment option due to its broad L1 compatibility.

3. RWA-focused protocols

These are decentralized applications (DApps) that either provide the technology to facilitate DeFi applications of RWA on-chain or leverage the underlying assets to power their platforms, which is the most direct way to gain exposure to RWA.

With over $250 million in total locked value (TVL) through its cross-chain U.S. Treasury and Equity products, Ondo Finance is the third largest cross-chain RWA protocol. Ondo directly addresses the core scaling problem of RWAs - liquidity - with its new product, Global Markets.

Additionally, Pendle is a yield tokenization platform that allows for earning yield across various liquidity pools, including RWA pools like sDAI, and the flexibility of their platform enables them to easily launch new RWA pools and leverage their existing user base.

Frax Finance is a powerful DeFi protocol with multiple features such as native stablecoins, liquidity staking, lending, L2, cross-chain bridges, etc., and traditional investment products such as treasury bonds and cash deposits can be obtained on their platform.

熱點(diǎn)：貝萊德