Author: Kyle Samani, Co-founder of Multicoin Capital; Translation: LianGuai0xxz
There has been a lot of discussion about RWA recently. I found that most of the frameworks in these discussions are incorrect. Like NFT, RWA is a fairly horizontal term that refers to many different things.
1. PFP is obviously very different from music NFT, and music NFT is very different from swords in games. These are all NFTs, but their go-to-market (GTM) approaches are completely different.
2. RWA is similar in this regard. RWA includes fiat-backed stablecoins such as USDC and USDT, government bonds, securities, stocks, commodities, and more.
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3. How they go-to-market has little to do with each other. For example, consider Provenance, which is the most mature and focused attempt to bring the entire bond market onto the blockchain.
4. Bringing the bond market onto the blockchain is not issuing bonds (there have been some customized versions on Ethereum in the past 5 years).
5. Bringing the bond market onto the blockchain is a standardization issue. You need to get all relevant parties to agree to the new standards: issuers, underwriters, fund managers, auditors, buyers, sellers, brokers, banks, etc.
6. My view is that bringing bonds onto the blockchain is a *truly* difficult problem. Getting all parties to agree to use new standards is not easy. It requires a lot of focused effort.
7. Getting all parties in the bond market to agree to new blockchain standards has nothing to do with other categories of RWA. The market paths are completely different.
8. Another interesting issue with RWA is synthetic assets. There are many assets that are easier to synthesize and introduce onto the chain, such as perpetual swap contracts.
9. Synthetic assets cannot completely replace RWA, but in many cases, synthetic assets > spot assets.
10. For example, tokenizing individual real estate is “super” difficult. LianGuaircl makes it much easier for people to trade a composite index of a city, and I think it is also more useful.
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