As a full-stack L1 blockchain, Plume's dedicated RWA chain focuses on bringing RWAs into the on-chain RWAfi ecosystem.

Author: Four Pillars

Key Points

· Real-world assets (RWAs) with a market value exceeding $100 trillion, such as commodities, bonds, and stocks, represent a tremendous potential for the next phase of growth in the crypto space. Institutional asset managers like BlackRock, Franklin Templeton, KKR, and Hamilton Lane are issuing tokenized RWA funds to capture this vast market.

· As a full-stack L1 blockchain, Plume's dedicated RWA chain focuses on bringing RWAs into the on-chain RWAfi ecosystem. The platform simplifies the tokenization, liquidity management, and listing processes of RWA projects by integrating core functions such as custodial services and KYC/KYB verification into a single solution. Plume's RWAfi vision goes far beyond simple tokenization.

· By building a complete on-chain ecosystem and RWA community, Plume provides new use cases for everything from traditional assets to abstract concepts like GPU price indices and economic indicators—blurring the lines between the real world and the crypto world.

· Over 180 teams are already building on the thriving Plume ecosystem, including dedicated lending protocols, perpetual contracts, real estate, and even hotel booking services. This diverse range of applications showcases how the platform is changing the way we interact with RWAs, viewing them as practical products and useful services.

1. Background - The Emergence of the Onchain RWA Market

1.1 The Potential of RWAs in the Crypto Market

Real-world assets (RWAs) represent the next significant opportunity for cryptocurrencies, and for good reason: their market size is staggering. While the entire cryptocurrency market currently stands at $3-4 trillion, individual sectors like commodities, bonds, and stocks control markets exceeding $100 trillion. Such a massive scale suggests the transformative potential of bringing RWAs on-chain.

In the crypto ecosystem, the tokenized RWA market continues to grow and has become one of the industry's greatest success stories. Stablecoins are the leading example of RWAs, processing an astonishing $10 trillion in on-chain transactions in 2023. Tether is one of the largest issuers, having minted over $130 billion in stablecoins in the first half of 2024 alone, generating a profit of $5.2 billion. In the realm of on-chain protocols, MakerDAO generated over $27 billion in revenue in the past 12 months, accounting for 40% of all DeFi protocol revenue on Ethereum.

Meanwhile, protocols like Ondo, Ethena, and Frax are accelerating the on-chain transition of traditional assets. However, despite these extraordinary achievements, we have only scratched the surface of the vast potential of RWAs.

Source: rwa.xyz

The trend of tokenization has become an undeniable fact. Analysis from Coinbase shows that the number of Fortune 100 companies launching on-chain initiatives in Q1 2024 increased by 39% year-over-year. While stablecoins remain the primary driver of tokenization growth, interest in the tokenization of off-chain assets like U.S. Treasuries is rapidly increasing. Since the beginning of 2023, the TVL of tokenized assets (excluding stablecoins) has more than doubled to $3 billion—this data clearly indicates the market's direction.

Source: The Fortune 500 Moving Onchain

As technology matures and its advantages become increasingly apparent, the momentum behind tokenization seems unstoppable. The next generation of financial systems being built today will naturally incorporate key features of tokenized assets: 24/7 availability, global instant settlement, broader market access, seamless interoperability through shared technology, and customizable transparency. These advantages provide financial institutions with a foundation to enhance operational efficiency, increase liquidity, and create new revenue opportunities through innovative applications.

1.2 Intensifying Competition in the Tokenization Market

We have already seen the industry shift towards tokenization. Traditional financial giants like BlackRock, WisdomTree, and Franklin Templeton are increasing their deposits in on-chain tokenized funds, while Web3-native projects like Ondo, Superstate, and Maple Finance are accelerating the adoption of tokenized money market funds. In a recent interview, BlackRock's CEO Larry Fink emphasized this trend, stating, "We believe that the tokenization of financial assets is the direction of the next stage of evolution. Every stock, every bond will exist on a universal blockchain."

Source: Tokenization: The Future of Commodities

Major protocols are also not overlooking this opportunity. Both large and small protocols are competing to capture a share of this massive market:

· Tether, the largest stablecoin issuer, is entering the broader asset tokenization space through its "Hadron" platform. This platform offers comprehensive services for token issuance and management, including KYC/AML, risk management, and secondary market monitoring. It particularly focuses on helping nations and enterprises leverage alternative financing opportunities.

· Ripple announced the launch of the first tokenized money market fund on the XRP Ledger (XRPL). In collaboration with Archax and Abrdn in the UK, the project aims to tokenize a portion of a £3.8 billion liquidity fund and plans to bring more asset managers' real-world assets onto the XRPL.

· Aptos is building "Aptos Ascend", an institutional-grade digital asset management platform. This platform is based on Microsoft Azure technology, combined with SK Telecom's Web3 wallet infrastructure and Brevan Howard's expertise in financial markets. Its core mission is to help institutions efficiently manage digital assets and expand the liquidity of tokenized assets globally while maintaining compliance.

2. Plume Enables RWAfi

2.1 Plume Network: A Blockchain Built for RWAs

Plume Network is a full-stack architecture and ecosystem designed for the integration and use of on-chain RWAs. Its notable feature is the native integration of the tokenization process and compliance mechanisms into the blockchain architecture, allowing RWA holders and institutional investors to leverage the advantages of the on-chain system without needing extensive technical knowledge or developing complex infrastructure.

This L1 RWA chain design can withstand attacks that general-purpose blockchains cannot handle, especially in the case of trillions of RWA assets being brought on-chain. By introducing a new security model called "Proof-of-Representation," the tokenized RWAs themselves become part of the blockchain's security model, directly linking its security to the asset's value.

Source: Relevance of onchain asset tokenization in "crypto winter"

The current on-chain RWA market faces a classic startup dilemma. Market participants are caught in a stalemate: liquidity providers hesitate without strong asset options, while asset providers are unwilling to tokenize without guaranteed market depth. This self-reinforcing cycle poses significant barriers to market growth. Plume breaks this challenge by deconstructing the tokenization process into manageable components and providing integrated management solutions, thereby laying the groundwork for RWA projects to effectively enter the market and experiment with different approaches.

The process of bringing real-world assets (RWAs) on-chain still faces multiple obstacles. Service providers need to navigate regulatory uncertainties, the complexities of access management, challenges in technical implementation, custodial issues, licensing requirements across different jurisdictions, and market fragmentation. For example, the real estate tokenization platform RealtyX reported that "out of three years of service development time, two years were spent establishing on-chain service providers and workflows." This complex service delivery process results in projects taking too long to implement, thereby limiting the potential of the RWA market.

Source: Plume

To address these challenges, Plume integrates over 50 different functions into a unified platform specifically designed for RWA tokenization. These functions combine the essential legal and management capabilities required for RWA on-chain tokenization, including custodial services, on/off-chain channels, and KYC/KYB compliance systems. Plume does not implement a fixed or predetermined framework; instead, it offers these functions as configurable modules, allowing projects to select and implement only the features they need. These functions are integrated to operate closely together, facilitating efficient data flow throughout the system.

Plume Arc is the core of the network, providing a comprehensive infrastructure solution for service providers looking to register RWAs on-chain. By streamlining the tokenization process, Plume Arc significantly reduces the time and resources required for asset issuance. Service providers can leverage the compliance tools and asset management features offered by Plume Network, greatly reducing technical complexity and legal uncertainty, allowing them to focus more on RWA-based service operations.

Plume's architecture lowers the barriers to entry that hinder the adoption of RWAs on-chain. By handling the underlying infrastructure needs for projects, Plume enables teams to concentrate on core business development, helping the RWA market attract more quality liquidity providers and asset suppliers, thereby promoting market growth.

2.2 RWAfi: Blurring the Lines Between Reality and On-Chain

Source: 3DCenter.org

RWAs are seen as a potential driving force for the next phase of growth in the on-chain economy. By bringing off-chain assets into the blockchain system, the range of assets that can participate in the crypto ecosystem is greatly expanded. This not only adds new asset types but, more importantly, establishes a direct connection with the real world, leading to a simultaneous expansion of market value and user scale.

Take the tokenization of the GPU market as an example. The volatility of GPU prices is often closely related to demands such as AI model training and Bitcoin mining. Traditionally, investors could only participate in the GPU market indirectly by purchasing stocks like NVIDIA or Bitcoin. However, in Plume's RWA market, GPU price indices can be directly brought on-chain, allowing traders to invest in or hedge against GPU price movements directly.

The concept of tokenization is not limited to tangible assets; Plume also introduces abstract economic indicators into the investment realm. Users can invest in or hedge against macroeconomic indicators through Plume's platform—from national and city economic growth rates to unemployment data, and even indicators related to climate change. This framework breaks down the boundaries between traditional finance, the crypto market, and real economic activities, providing a new market structure and economic interaction model.

Source: DeFi's Permissionless Composability is Supercharging Innovation

Most RWA projects primarily focus on the basic task of registering off-chain assets within blockchain systems. Plume takes it a step further by introducing the concept of RWAfi—an on-chain ecosystem built around RWAs. The true advantage of the on-chain ecosystem lies in its composability and permissionless nature. The growth of DeFi is not driven by the success of a single protocol but by the interconnection of multiple protocols to create a larger ecosystem.

The same principle applies to RWAs—their true potential comes not only from registering assets on-chain but also from creating an ecosystem where these assets can be traded, generate returns, serve as loan collateral, and interact with various protocols. For example, tokenized real estate can be used as collateral for borrowing, and investors can build global portfolios through a single protocol. Plume's vision is to drive the realization of this innovative model through RWAfi.

Source: Plume Network

Plume maintains a diverse ecosystem that offers various services to unlock the potential of RWAfi. Users can earn returns through multiple channels, including earning 20% annualized stablecoin and token returns through actual farm staking, trading sports cards and Pokémon cards on-chain, or even leveraging investments in Jordan sneakers or political events.

The Plume ecosystem currently hosts over 180 projects across various fields, including RWA-specific lending protocols, RWA-specific perpetual futures DEXs, real estate and stock tokenization protocols, collectibles markets, and consumer applications such as hotel booking services. The Plume ecosystem not only brings traditional financial assets on-chain but also creates entirely new market opportunities for assets that were previously illiquid or difficult to access.

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