As BTC continues to break new highs, triggering a bull market, AI and Meme have emerged as tracks capable of attracting incremental funds and traffic attention, creating a strong breakout effect. However, for most users, market opportunities are extremely fleeting, and comprehensive returns are difficult to assess. As another track that can open up a new round of digital currency market scale, can RWA take over as the next bull market hotspot?
RWA (Real World Assets) is becoming one of the most attention-grabbing narratives and tracks in the current crypto market. From traditional financial giants like BlackRock to crypto industry leaders like Tether, various forces are rushing into this promising emerging field, trying to seize the opportunity in this blue ocean.
According to data from RWA.xyz, the current total market value of RWA held on-chain has surpassed $13 billion and is expanding at an astonishing rate. As more participants join, this market may experience exponential growth in the coming years, reaching the trillion-dollar scale. Compared to the hype around AI and Meme, RWA, as a track that has not yet fully exploded, holds enormous potential and opportunities, making it a high ground worth paying attention to and laying out. Below is a summary of various popular projects in the RWA track.
RWA includes tangible assets (such as real estate, commodities, artworks, etc.) and intangible assets (such as U.S. Treasury bonds, fixed-income securities, carbon credits, etc.). This article categorizes RWA projects into three main types and selects popular projects for introduction: first, infrastructure projects; second, projects related to physical assets such as real estate and artworks; third, public credit/fixed income projects based on publicly traded or issued U.S. Treasury bonds and stocks.
Infrastructure
Plume—Modular RWA Layer 2 Network
Plume is a modular EVM Layer 2 network designed specifically for the RWA track, focusing on RWAFi. Plume aims to lower the barriers to on-chain real-world assets, supporting issuers in tokenizing real-world assets such as real estate, commodities, and income streams, thereby transforming them into tradable digital assets for financing or collateral, meeting the diverse needs of retail and institutional investors. In May of this year, Plume announced the completion of a $10 million seed round financing. Currently, its ecosystem has over 180 projects, with a total deployed asset amount exceeding $1 billion.
Plume has completed a testnet airdrop incentive activity and will soon launch its mainnet, with the TGE following closely. It is reported that the Plume mainnet will support institutional-level tokenization, RWAfi applications, and cross-chain integration, making it a project worth continuous attention in the RWA track.
Hadron—Asset Tokenization Platform
Hadron is an asset tokenization platform recently launched by Tether, aimed at simplifying the process of converting various assets into digital tokens. Whether institutions, funds, or government and private companies, they can easily tokenize a variety of assets such as stocks, bonds, commodities, funds, and reward points. Additionally, the platform offers a range of powerful tools, including asset tokenization, issuance and destruction, KYC compliance, capital market management, and regulatory support.
Tether's innovative initiative is expected to significantly accelerate the entry of traditional institutions into the RWA and crypto fields, bringing new opportunities and momentum for the integration of the two domains.
Associated with Physical Assets
ATT—Digital Advertising Ecosystem Centered on Advertising Screen Assets
ATT (Advertising Time Trace) owns LED advertising assets worth over $10 million in locations such as Lan Kwai Fong, Starlight Walk, Sugar Street, Fortune Center, K11 Shopping Mall, and Causeway Bay AI Mall. Through its unique DA-AIOT-P (Decentralized Asset-Artificial Intelligence Internet of Things-Payment) mechanism, it has built a new digital advertising ecosystem that integrates physical advertising assets, advertising e-commerce merchants/user resources, and digital technology. ATT transforms advertising assets into tradable RWA assets and stimulates deep user participation in the ecosystem through advertising screen revenue incentives, offline consumption rights, and diversified incentive mechanisms. It is reported that ATT's RWA sales have exceeded 38K, achieving over $10 million in sales in Hong Kong, Japan, South Korea, Indonesia, Dubai, Thailand, and other regions.
In addition, ATT's multi-layered destruction mechanism ensures the long-term sustainability of the token economic model. As a bridge connecting Web2 and Web3, ATT is expected to become a new traffic entry point for large-scale applications in Web3. The project has not yet issued tokens, and according to its official website's roadmap, it is expected to launch an airdrop and TGE plan in December, making it a hot project worth focusing on in the track.
Parcl—Liquidity Trading Platform Centered on Real Estate Physical Assets
Parcl is a perpetual DEX for real estate based on Solana, enhancing liquidity in the real estate market by introducing an index-based liquidity trading model. The platform integrates and updates real-time data from multiple sources of the physical real estate market, generating accurate indices for each region that truly reflect the market value of local real estate. Users can open long or short positions based on specific city indices through Parcl, with each index covering the overall market performance of a specific city, allowing traders to speculate or hedge against city-wide price trends.
With the development of the RWA market and the growth of the Solana ecosystem, Parcl is expected to become an important participant in this track, deserving of continuous attention.
Public Credit/Fixed Income
Centrifuge—Focusing on Real World Asset Collateral Financing
Centrifuge is a decentralized protocol focused on RWA credit financing, aiming to provide borrowers with financing solutions based on real-world assets without the need for banks or intermediaries. Centrifuge's target users are mainly startups or institutions holding real-world assets such as real estate, accounts receivable, and invoices, linking with lenders like MakerDAO and Aave to provide borrowing funds for borrowers.
Ondo Finance—Focusing on On-Chain U.S. Treasury Products
Ondo Finance is an institutional-level financial protocol focused on the RWA track, dedicated to bringing traditional financial products such as U.S. Treasury bonds, which are low-risk and stable income, on-chain. Its main products include tokenized short-term U.S. Treasury ETF (OUSG), yield-bearing stablecoin alternatives (USDY), and Flux Finance lending protocol that supports tokenized securities as collateral.
Both Centrifuge and Ondo Finance are early entrants in the RWA track, continuously innovating in products and services. With the market warming up and the rise of the RWA track, their token values are showing a trend of recovery, making them worthy of continuous attention.
OpenEden—On-Chain Yield Focused on U.S. Treasury Bills
OpenEden is a smart contract vault focused on tokenizing U.S. Treasury bills (T-Bills), providing stablecoin holders with a way to earn on-chain yields from U.S. Treasury bonds. Through its TBILL token, investors can directly participate in a short-term T-Bills investment pool. The TBILL token is backed 1:1 by Treasury securities, USDC, and USD reserves, with its annualized yield (APY) currently around 4.23%.
OpenEden offers investors a decentralized, low-risk asset allocation option. Notably, OpenEden is currently the only tokenized U.S. Treasury product rated A by Moody's.
Conclusion
The emergence of RWA breaks down the barriers between traditional finance and the crypto ecosystem, providing crypto asset holders with new investment channels, especially in institution-led areas. At the same time, it significantly enhances the liquidity and transparency of assets, bringing higher efficiency and innovation space to the traditional financial industry. RWA not only offers crypto users diversified investment options but also injects momentum into the digital upgrade of the traditional financial system, creating possibilities for more innovative projects.
However, with the arrival of the bull market and the rapid development of this track, RWA is expected to become an important bridge connecting real assets and the crypto ecosystem in the coming years.
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