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Is RWA the next growth engine for DeFi?
Author: Axia8 Ventures Source: medium Compilation: Jinse Finance, Shan Ouba
On June 21, 2023, MakerDAO purchased another 700 million U.S. dollars in national debt, and its current holdings of U.S. national debt have exceeded 1.2 billion U.S. dollars.
For a long time, the market capitalization of RWA was very small. Until October 2022, MakerDAO purchased US$500 million in treasury bonds, which officially opened the prelude to the rapid growth of the RWA market. At present, among MakerDAO's assets, RWA has surpassed stablecoins to become the largest asset category, with a scale of 1.929 billion, accounting for 41.2%.
RWA can not only accelerate the growth of TVL, but also increase MakerDAO’s protocol revenue. The latest data shows that RWA contributed more than 52% of MakerDAO's revenue.
At the same time, Compound, another Defi giant, also stepped into the RWA field.
Compound founder Robert Leshner has launched a new company, Superstate, with a mission to create regulated financial products that bridge traditional markets and the blockchain ecosystem. Superstate hopes to create and issue an SEC-registered blockchain-based complaint investment product that could one day "compete with stablecoins as the reserve asset and settlement of choice for cryptocurrencies."
The prospectus says the fund is an "ultra-short-term government securities fund" that includes U.S. Treasury securities, U.S. government agency securities, repurchase agreements secured by securities issued by the U.S. government or U.S. government agencies, and other U.S. government securities, and allows shareholders to invest in A record of ownership of its funds is kept on Ethereum.
Defi's Next Growth Engine
After Defi Summer, Defi TVL will reach ATH in early 2022, close to $180 billion. As the market cools, Defi TVL is currently stable at around $45 billion.
In the past few years, we have seen various innovations in DeFi: the improvement of infrastructure such as Layer 2 and cross-chain bridges, giving DeFi more possibilities; the emergence of various DeFi applications such as Uniswap, Curve, Dydx, and GMX , bringing Defi to a more humane level; innovations in the wallet field such as account abstraction are continuously optimized to lower the entry barrier for ordinary users.
However, from the perspective of assets, Defi is currently facing a major dilemma: acceptable/interoperable assets on the chain are limited to native encrypted assets. Tens of billions of off-chain RWA are now blocked.
**What factors affect the interoperability of RWA with cryptocurrencies? **
Off-chain to on-chain route: How can off-chain RWA be transferred to the chain in a compliant and credible manner?
On-chain to off-chain route: How do on-chain encrypted assets invest in off-chain RWA?
The security of smart contracts/protocols is the prerequisite for RWA to enter the Defi field on a larger scale.
Top VCs, financial brokers, and Defi protocols are increasingly focusing on RWA, which could herald the next Defi narrative.
At the beginning of 2021, we invested in Solv Protocol, aiming to expand the boundaries of Defi and provide diversified and professionally managed assets in the safest and most visual way, including fixed income products, structured products, index-linked products, etc. We firmly believe that Solv Protocol can become a bridge between RWA and encrypted assets, bringing new value to both parties.
Solv Protocol initiated the ERC-3525 Semi-Fungible Token (SFT) standard, a common standard for advanced financial instruments that has the potential to address prohibitive costs that ERC-721 or 1155 cannot.
With its superior descriptiveness of real-time data and static or animated images, and the liquidity characteristics of ERC-20 tokens, ERC-3525 fills the gap for a powerful and versatile digital representation of RWA.
ERC-3525 is a versatile, versatile and highly scalable token standard, and any developer with appropriate coding skills can easily implement more scenarios.