# Сопутствующие статьи по теме RWA

Новостной центр HTX предлагает последние статьи и углубленный анализ по "RWA", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

The RWA Narrative Is So Strong, So Why Are All RWA Tokens Falling? I Think the Logic Was Flawed from the Start

Despite the strong RWA (Real World Assets) narrative, with on-chain government bonds exceeding $4B+ and major institutions like BlackRock and Franklin Templeton entering the space, the tokens of RWA projects have been declining significantly. The author argues that the core issue lies in flawed token economic models. Many RWA projects fall into a "death spiral": users deposit assets to earn RWA yields and receive token rewards, but then sell the tokens, causing prices to drop. This happens because tokens are used as subsidies rather than value carriers. Users don’t need to hold tokens to access RWA yields, creating constant sell pressure with no buy-side demand. The solution is to focus on sourcing high-quality RWA assets that offer attractive APY, consensus (market recognition), stability, and security. Token utility should be redesigned to grant holders exclusive access to premium assets, higher yields, or priority allocations. This creates real demand for the token. The author emphasizes that success will come from building solid asset foundations first, letting user demand support the token—not the other way around.

marsbit03/16 03:15

The RWA Narrative Is So Strong, So Why Are All RWA Tokens Falling? I Think the Logic Was Flawed from the Start

marsbit03/16 03:15

Deconstructing the Capital Game of Public Chain Pharos: A $950 Million Valuation Propped Up by Photovoltaic and Other Assets, A Shell Transaction Under Layers of Betting?

The article investigates the recent $247.3 million investment by Hong Kong-listed GCL New Energy into the Layer 1 blockchain project Pharos at a $950 million valuation. It reveals the deal is not a straightforward investment but a complex, multi-stage transaction bound by stringent performance milestones. The core of the agreement is a set of mutual, conditional investments. Pharos must first purchase up to $1.5 billion HKD worth of GCL shares. However, GCL's reciprocal investment in Pharos tokens is contingent upon a series of strict, performance-based vesting conditions. The entire deal is split into five tranches, each unlocking only if the Pharos token lists on an exchange without falling below its issue price and maintains a high fully diluted valuation (FDV) over successive three-month periods. If any condition fails, the entire agreement can be terminated. The article questions the legitimacy of the $950 million valuation, which was calculated based on a purported $250 million in Total Value Locked (TVL). Notably, over half of this TVL is claimed to be from real-world assets (RWA), specifically photovoltaic and power station assets linked to GCL—a highly unconventional method for valuing a Layer 1 blockchain. Furthermore, the mainnet is not yet live, and the TVL figure is unverified by independent data platforms. The author suggests the deal is a "capital game" designed to boost GCL's stock price, which saw suspicious pre-announcement surges, and to create hype for the upcoming Pharos token launch, ultimately passing the risk onto the market and future investors.

marsbit03/15 05:49

Deconstructing the Capital Game of Public Chain Pharos: A $950 Million Valuation Propped Up by Photovoltaic and Other Assets, A Shell Transaction Under Layers of Betting?

marsbit03/15 05:49

Comprehensive Analysis of Canton Network: Wall Street's Blockchain Ambition

Canton Network is positioned at the convergence of key crypto trends, including real-world asset tokenization, institutional blockchain adoption, privacy infrastructure, and stablecoin settlements. It has attracted major financial institutions like DTCC, Nasdaq, and Broadridge, which are deploying real workflows such as treasury tokenization, repo financing, and collateral management. The network is designed for regulated entities, offering granular transaction privacy and validator-level control while maintaining interoperability. Its architecture separates execution from coordination, using validator nodes operated by participants and synchronizers for atomic settlement. Key adoptions include DTCC tokenizing U.S. Treasuries, Broadridge processing trillions in repo transactions, and Nasdaq integrating its Calypso platform. Tokenomics are usage-driven, with weekly CC burns increasing by 216% since TGE, and the burn-to-mint ratio rising to 0.90, nearing a deflationary state. Despite generating the highest revenue among L1s in February, Canton trades at a discount to peers, possibly due to high emissions and its perception as financial infrastructure. Catalysts include regulatory clarity from the Clarity Act and DTCC’s broader tokenization platform launch in late 2026. Risks include token concentration, with 54% of CC held by a few entities, though these are largely operational holdings. Canton aims to become a core coordination layer for tokenized financial markets.

marsbit03/15 05:42

Comprehensive Analysis of Canton Network: Wall Street's Blockchain Ambition

marsbit03/15 05:42

From Gold to Crude Oil: WEEX Expands Real-World Asset Tokenization to Energy Markets

In recent years, the tokenization of real-world assets (RWA) has become a significant trend in the crypto industry, expanding from stablecoins and U.S. Treasuries to include commodities like precious metals. Gold and silver have been among the earliest assets to be tokenized, with products such as PAX Gold and Tether Gold enabling 24/7 trading, lower entry barriers, and seamless integration into the crypto ecosystem. This movement is now extending into energy markets, with crude oil emerging as a new focus. Tokenized oil products, such as XTI, which tracks the NYMEX WTI crude oil spot price, provide digital exposure to global energy markets and overcome limitations of traditional trading like high entry barriers and restricted trading hours. Platforms like WEEX are actively expanding their commodity offerings by including oil tokens like XTI alongside established precious metal tokens. They are also launching incentive programs to boost liquidity and participation in these markets. The RWA sector is evolving from financial assets to include physical commodities, blurring the lines between traditional and digital asset markets and paving the way for a more diverse on-chain economy.

marsbit03/14 03:10

From Gold to Crude Oil: WEEX Expands Real-World Asset Tokenization to Energy Markets

marsbit03/14 03:10

Pharos Network Expands RealFi Alliance, Joins Forces with Strategic Research and Intelligence Partners to Enhance Institutional Transparency

Pharos Network, a RealFi inclusive financial Layer 1 project, has expanded its RealFi Alliance by adding strategic "Smart Partners" focused on research, data, and institutional infrastructure. The new partners include Dune, Four Pillars, Web3Caff Research, Anchorage Digital, Alchemy, Aquaflux, and Yield Network. These collaborations aim to address information asymmetry and enhance institutional transparency in decentralized markets. Key initiatives include in-depth institutional research, real-time verifiable dashboards for RWA fund flows, enterprise-grade RPC infrastructure, federally regulated banking and custody services, on-chain treasury management, and improved capital efficiency. A core objective is to establish a standardized "RealFi Research Framework" to measure RWA performance, risk, and compliance. According to Pharos CEO Wish Wu, the partnership ensures that assets on Pharos receive the same level of scrutiny and transparency as traditional capital markets. Pharos Network is a modular Layer 1 blockchain designed for RealFi, combining institutional-grade asset circulation with decentralized composability. It is developed by a team with backgrounds from Ant Group and backed by investors like Hack VC and Faction VC.

marsbit03/13 12:26

Pharos Network Expands RealFi Alliance, Joins Forces with Strategic Research and Intelligence Partners to Enhance Institutional Transparency

marsbit03/13 12:26

The Beacon Has Arrived: ETHB Illuminates the Path to Ethereum's Institutionalization

BlackRock's iShares Ethereum Staking ETF (ETHB) launched on Nasdaq on March 12, marking a pivotal moment in Ethereum's institutional adoption. Unlike existing Ethereum spot products, ETHB integrates staking rewards, allowing investors to gain exposure to both ETH’s price and its yield-generating capabilities—addressing a critical gap in earlier offerings. Prior to ETHB, Ethereum spot ETFs failed to capture the asset’s core value proposition as a productive” asset with an annual yield of 3-5%. This structural mismatch contributed to sluggish institutional inflows compared to Bitcoin ETFs. Meanwhile, Ethereum’s underlying infrastructure adoption surged, with RWA supply growing 7x and stablecoin supply doubling since mid-2024, as institutions increasingly used Ethereum for tokenized assets and settlements. ETHB also challenges alternative structured products like digital asset trusts, potentially redirecting capital back to native ETH. The launch comes as Ethereum shows deeply undervalued signals—with MVRV below 1 and prices still below all-time highs—while maintaining low issuance (0.8% annually) and strong network utility. Ultimately, ETHB serves as a litmus test for institutional acceptance of Ethereum’s dual role as a yield-bearing asset and foundational layer for tokenized finance.

marsbit03/13 11:58

The Beacon Has Arrived: ETHB Illuminates the Path to Ethereum's Institutionalization

marsbit03/13 11:58

Web4 Is Here: When the Internet Is No Longer Built Only for Humans

Amid a crypto bear market, a significant debate has emerged around redefining the internet's future, sparked by the concept of "Web4" introduced by crypto researcher Sigil Wen. He argues that advanced AI lacks not intelligence, but "write access to the world"—the ability to act autonomously via wallets, payments, and smart contracts. This idea, termed the "Web4 Manifesto," resonated widely, gaining millions of views and triggering industry reflection. Dragonfly's Haseeb Qureshi added that crypto's complexity—long addresses, irreversible transactions, phishing risks—may stem from it being designed more for AI than humans. These features, cumbersome for people, are structured and verifiable for AI agents. Web4 proposes shifting internet agency from humans to AI, granting it "action rights": reading, writing, transacting, and collaborating autonomously. Projects like OpenClaw demonstrate this shift, enabling AI to manage emails, calendars, and tasks independently. Underlying protocols (e.g., Coinbase’s x402, Anthropic’s MCP, Google’s A2A) are standardizing machine-to-machine interactions, making the internet more agent-friendly. Cryptocurrencies, especially stablecoins, are positioned as ideal "machine money"—programmable, low-friction, and embeddable in automated workflows. Real-World Assets (RWA) could serve as reserves for AI economies. This vision suggests crypto’s future lies not in human adoption but in enabling agent-driven economies, with billions of AI agents potentially using wallets. However, Vitalik Buterin cautions against reduced human oversight, emphasizing the need for accountability and control. The Web4 debate highlights a fundamental shift: the internet is evolving from a human-operated interface to a system where humans delegate actions to AI agents, redefining who the primary users are.

marsbit03/13 02:44

Web4 Is Here: When the Internet Is No Longer Built Only for Humans

marsbit03/13 02:44

DeFi's Yield Winter: Liquidity Glut, Shrinking Leverage, and No Arbitrage Opportunities

The DeFi market is experiencing a "yield winter," with average stablecoin deposit rates on major lending protocols like Aave V3 falling below 2%—the lowest since mid-2023. This decline is driven by a structural imbalance: stablecoin supply has surged, with total market cap growing over 130% since early 2024, while on-chain demand has stagnated. Over 60% of deposited assets on Aave are idle, causing severe liquidity congestion and suppressed yields. Key factors include reduced leverage demand due to low perpetual funding rates, which disincentivizes arbitrage strategies, and diminished cyclical borrowing activity following the contraction of yield assets like sUSDe. Additionally, declining risk appetite in crypto has shifted capital toward safer, traditional alternatives like U.S. Treasuries (yielding ~4.24%), further draining DeFi liquidity. Amid the downturn, protocols like Sky (formerly MakerDAO) have differentiated themselves by integrating real-world assets (RWA), such as Treasuries and corporate debt, to offer stable yields above 3.75%. This shift highlights a broader trend: DeFi must evolve from speculative yield chasing to sustainable, diversified收益 models. The yield crunch may represent a necessary correction, setting the stage for future growth.

marsbit03/12 12:24

DeFi's Yield Winter: Liquidity Glut, Shrinking Leverage, and No Arbitrage Opportunities

marsbit03/12 12:24

Here’s What The Solana Price Would Be If It Reaches The ATH Market Cap Of Ethereum

Solana's price has been proposed as a potential competitor to Ethereum, especially after its recovery from under $10 in 2022 to nearly $300. Although a "flippening" hasn't occurred, analysis shows that for Solana to match Ethereum's all-time high market cap of $583 billion, its price would need to reach $1,022—a 1,178% increase from current levels. Currently, Solana's market cap is $49 billion, far below Ethereum's $246 billion. While Solana has surpassed Ethereum in Real-World Asset (RWA) users, it lags significantly in RWA volume, with $1.7 billion compared to Ethereum's $15.5 billion.

bitcoinist03/12 11:32

Here’s What The Solana Price Would Be If It Reaches The ATH Market Cap Of Ethereum

bitcoinist03/12 11:32

When AI Starts Paying with USDC, Circle's Victory and the Custodial Challenge of Funds

The article discusses the rise of AI agents as independent economic entities, highlighting that 99% of their payments are made using USDC, positioning Circle as a key beneficiary. Over a nine-month period, AI agents conducted 140 million transactions totaling $43 million, with an average transaction size of $0.31. This shift signifies AI's transition from conceptual to real economic activity, raising questions about financial infrastructure and asset management for autonomous agents. Circle’s three-layer infrastructure—stablecoin issuance, efficient on-chain settlement, and integration with traditional finance—enables seamless micro-payments. However, as AI agents accumulate capital, they will need to manage idle funds, creating opportunities for Real World Asset (RWA) tokenization. Projects like Ondo Finance are making RWA assets machine-readable and programmable, allowing AI agents to automate investments in tokenized treasury bonds or other low-risk assets. The integration of payment and asset management systems could enable AI agents to optimize operational efficiency by automatically investing surplus USDC into yield-generating RWA products. However, challenges remain, including data authenticity, model and liquidity risks, regulatory disparities, and technical security. The article concludes that while Circle provides the "payment nervous system" for AI economies, RWA must evolve to serve as the "energy storage system," ensuring AI agents can manage assets as efficiently as they execute transactions.

比推03/12 04:31

When AI Starts Paying with USDC, Circle's Victory and the Custodial Challenge of Funds

比推03/12 04:31

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