谁将从贝莱德进入 RWA 中受益？

原作者：迈尔斯·多伊彻

原始来源：X

编译：弗兰克、前瞻新闻

RWA是这个加密周期中最大的机会之一，贝莱德刚刚推出了代币化基金，预计到2030年代币化资产的市值将达到10万亿美元。

2024 年 RWA 的新信号

RWA是指将实物资产，如黄金、房地产和其他商品，在区块链上代币化为加密货币，这将带来以下优势：

• 提高效率（无需经纪人，降低成本）；

• 可访问性（可分割为更小的份额，更大的流动性）；

实物资产代币化（RWA）将成为链上价值的主要驱动力，原因如下：

• 他们可以进入巨大的传统市场，例如全球债券市场（133万亿美元）和黄金市场（13.5万亿美元）；

• 您可以使用产生实际收入的实物资产来获得 DeFi 收入；

• 降低进入壁垒；

• 降低经纪人和中间商成本；

它们如何工作？

RWA 以链上代币的形式代表资产的所有权。发行人使用智能合约来铸造 RWA 并确定如何在其底层区块链上对其进行估值和交易。每个代币代表资产的部分或全部价值。

以下数据支持了对 RWA 不断增长的需求：

• 代币化公共证券的市值现已超过 7 亿美元；

• 根据美国银行的一份报告，代币化黄金市场也接近 10 亿美元；

需求激增背后的主要因素之一是贝莱德最近进军 RWA 领域，最近推出了代币化债券的数字资产基金，短短两周内市值已增长至 2.74 亿美元，市场份额达到 37.53%。

贝莱德首席执行官拉里·芬克长期以来一直坚信代币化是证券的未来，鉴于拉里的乐观态度和基金的整体表现，贝莱德参与该行业的可能性只会随着时间的推移而不断增加。

但关注 RWA 的不仅仅是 BlackRock，花旗、富兰克林邓普顿和摩根大通等其他主要 TradFi 参与者也开始涉足 RWA 领域，所有这些都增加了 RWA 行业在 2024 年及以后的合法性。这股热情带动了整个 RWA 代币领域的兴趣激增，使 RWA 成为今年迄今为止表现第三佳的叙事领域（仅次于 meme 和 AI 叙事）。

谁将从中受益？

现在我们已经对 RWA 领域有了一个概述，让我们看看一些可能受益于对 RWA 日益增长的兴趣的关键项目（按行业分析）：

1.L1和L2区块链

Popular narratives usually attract a lot of liquidity and users to the main chain that supports the underlying DApp. Therefore, the L1 chain that launches the RWA protocol can indirectly enjoy the benefits of its rise. Although this type of investment method has a strong ability to hedge downside risks, its disadvantage is the lack of direct upside potential.

In summary, if one wants to gain more potential upside associated with RWAs, then RWA-focused blockchains such as Redbelly Network and MANTRA Chain can provide more direct exposure.

2. Oracle

The RWA protocol actively uses oracles to ensure accurate price data flow so that data can be transmitted across blockchains - ensuring that RWA prices are consistent with real-world markets is a critical element in the tokenization process.

For example, if your house has increased in value by 50%, the tokenized property should accurately reflect this, and the oracle is responsible for bridging this information to the blockchain, which is why I am bullish on oracles such as Chainlink.

Chainlink unleashes the full potential of RWA by providing real-time, secure, and cross-chain information bridges. As one of the veteran oracles, Chainlink's services are widely used throughout the industry for proof of reserves, identity authentication, data streaming, and more.

If you want to reduce risk, other oracles such as Pyth may be more attractive. While Chainlink serves a wider range of areas, Pyth is more attractive as an Ethereum DeFi-centric investment option due to its broad L1 compatibility.

3. RWA-focused protocols

These are decentralized applications (DApps) that either provide the technology to facilitate DeFi applications of RWA on-chain or leverage the underlying assets to power their platforms, which is the most direct way to gain exposure to RWA.

With over $250 million in total locked value (TVL) through its cross-chain U.S. Treasury and Equity products, Ondo Finance is the third largest cross-chain RWA protocol. Ondo directly addresses the core scaling problem of RWAs - liquidity - with its new product, Global Markets.

Additionally, Pendle is a yield tokenization platform that allows for earning yield across various liquidity pools, including RWA pools like sDAI, and the flexibility of their platform enables them to easily launch new RWA pools and leverage their existing user base.

Frax Finance is a powerful DeFi protocol with multiple features such as native stablecoins, liquidity staking, lending, L2, cross-chain bridges, etc., and traditional investment products such as treasury bonds and cash deposits can be obtained on their platform.

热点：贝莱德