OKX researcher Sally G believes that it is difficult to find PMF (Product Market Fit) for RWA, and alternative and non-standard RWAs are emerging.
Logic: 1) TradFi. Reduce trading costs, increase trading transparency and efficiency; enhance the composability of financial fundamentals, and provide more hedging tools; activate foreign speculators and institutional funds. 2) DeFi. Support and amplify the DeFi speculation cycle; introduce a large amount of liquidity and expand the DeFi user base; the stablecoin direction has been validated by the market.
Classification: 1) Based on asset form: standard and non-standard; 2) Based on asset category: fiat currency; fixed income (bonds, credit, etc.); equities; alternative assets (real estate, collectibles, commodities, etc.).
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Conclusion: 1) It is difficult to find product market fit (due to uncertain regulatory environment, limited traction, and high-quality underlying assets); 2) Alternatives and non-standard RWAs are emerging; 3) US bond RWAs maintain a leading position; 4) Recognition of transactions in the crypto community.