Pro
Welcome to the Real World
Key Insights
- Real World Asset protocols have seen a resurgence, with TVL growing from $2 billion to $8 billion since the start of 2023, excluding traditional stablecoins.
- RWA protocols can be categorized based on whether the RWA position generates yield for end users and whether those users hold a debt or an equity position.
- TVL distribution indicates a strong user preference for yield-bearing RWAs over tokenized alternative assets.
- Among yield-bearing RWAs, users prefer debt-based instruments that provide direct access to offchain yield without the price risk associated with the assets generating those yields.
Revisiting Real World Assets
Real World Assets (RWA) protocols involve transferring the exposure of offchain assets onchain, an idea that has long captivated market interest with its promise to enable the trading of any asset onchain.
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Kinji formerly covered crypto at Morgan Stanley. His primary interests are DeFi, Ponzi's and unstable stablecoins.
Mentioned Assets