为什么私人信贷成为 TradFi 到 DeFi 的第一个真正桥梁?

marsbit2026-04-28 tarihinde yayınlandı2026-04-28 tarihinde güncellendi

撰文:Yaroslav Writtle

编译:Block unicorn

私人信贷比大多数 RWA 更早适应链上是有原因的

它本身就具备链上市场能够定价的要素:收益。

这使得它的发展路径比私募股权、风险投资或房地产更为清晰。

那些类别主要涉及获取渠道、包装或长期投资。

私人信贷则提供了更直接的途径。

现金流可以在加密市场内进行分配、融资,并最终再次利用。

来源:DefiLlama

重要的不是私人信贷被代币化了

而是私人信贷开始在链上发挥作用。

许多代币化资产仍停留在发行阶段。

  • 它们被包装。
  • 它们被分发。
  • 它们被存放在钱包中。

私人信贷则更进一步。

它开始作为抵押品出现在借贷市场中,并出现在允许用户以该资产为抵押进行借贷而无需完全退出的策略中。

这比简单的代币化意义重大得多。

市场已经在将获取渠道与实用性区分开来

报告中一个强有力的信号是,大部分活跃的私人信贷市值都集中在无需许可的产品中。

来源:rwa.xyz

这说明了一些重要信息。

用户不仅仅想要获得私人信贷的敞口。

他们想要表现得更像加密资产的私人信贷:

  • 可转让
  • 可在去中心化金融(DeFi)中使用
  • 更容易融资
  • 更容易在不同场所之间转移

这与基本保持不变的代币化基金利息截然不同。

增长最快的产品来自为加密基础设施(Crypto Rails)构建的产品

另一个突出的点是资本实际所在的地方。

来源:DLResearch

链上私人信贷的最大份额并非在代币化基金包装器中。

而是来自链上借贷池。

这一点至关重要,因为它表明市场正在奖励专为链上使用而设计的结构,而不仅仅是重新包装以适应新渠道的传统产品。

产品在加密市场中的功能越强大,似乎就越能吸引需求。

为什么私人信贷率先发展

私人信贷同时解决了两个问题。

对于传统资产管理者而言,代币化改善了分配。

对于链上市场而言,它引入了一种新型的生产性抵押品。

这种组合在 RWA 中仍然罕见。

房地产可以被代币化,但流动性和估值仍然难以实现。

私募股权和风险投资可以代币化,但大多仍是被动持有。

碳信用额受益于更好的追踪,但在去中心化金融(DeFi)中的实用性不高。

私人信贷是首批代币化同时改善获取渠道和金融用途的类别之一。

所有这些都无法消除原有的风险

它仍然是私人信贷。

承销仍然重要。

借款人人资质仍然重要。

回收价值仍然重要。

流动性仍然重要。

将资产放在链上并不能解决其中任何问题。

它只是让产品更容易分发,在某些情况下也更容易融资。

这很有用。

但这与降低潜在风险不是一回事。

RWA 的真正启示

私人信贷之所以重要,是因为它展现了市场奖励的是什么。

不仅仅是代币化资产。

而是那些一旦上链就变得更有用的资产。

这或许是思考 RWA 下一阶段更清晰的方式。

行业领导者不会是那些最容易封装的资产。

它们将是那些从成为链上金融系统的一部分中获得真正实用性的资产。

İlgili Okumalar

GPT-5.6 Countdown: Abandon the Illusion of a Single API, Computational Iteration Can't Outpace a Single Page of Compliance

In mid-June, three seemingly independent industry events—the compliance-driven throttling of Fable 5, the open-sourcing of GLM-5.2, and the leaked release timeline for GPT-5.6—are pushing the global AI industry toward a watershed moment. These shifts signal a fundamental restructuring of the industry's underlying logic. First, **"usability" has substantially overtaken "advanced capabilities"** as the primary weight, pushing the global large language model (LLM) supply chain into a "dual-track" phase of controlled closed-source and local open-source coexistence. Second, **the competitive moats of closed-source giants are shifting**. Their technical focus is moving from "language intelligence" toward "spatial intelligence (world models)"—a domain heavily reliant on computing power. Third, faced with常态化 transnational compliance risks, **a "model-agnostic" decoupled design has become a survival necessity for application-layer developers to maintain business continuity.** The article details how Anthropic's Fable 5, despite its advanced engineering feats, was restricted for non-U.S. citizens within 72 hours of launch, highlighting how geopolitical compliance can instantly limit even the most advanced models. In response, the open-source camp, exemplified by Zhipu AI's MIT-licensed GLM-5.2, is gaining market share by offering stable performance improvements and significant cost advantages (up to 70% savings for enterprises), while achieving full adaptation with domestic semiconductor platforms. Meanwhile, closed-source leaders like OpenAI are pivoting. The anticipated GPT-5.6 reportedly shifts focus from language to spatial intelligence and world models, aiming to rebuild a generational gap in areas like 3D understanding, simulation, and industrial design that demand immense compute. The core conclusion is that the LLM supply chain's logic has changed. Enterprises must now evaluate infrastructure based on a composite of technical performance and policy compliance. For developers, complete reliance on a single closed-source API poses unacceptable risk. Implementing a truly model-agnostic architecture—enabling swift switches to compliant, locally deployable open-source alternatives—is no longer just good practice but a fundamental baseline for business continuity.

marsbit2 saat önce

GPT-5.6 Countdown: Abandon the Illusion of a Single API, Computational Iteration Can't Outpace a Single Page of Compliance

marsbit2 saat önce

Is the 'Token Subsidy War' Among AI Giants Almost Over?

The article discusses the ongoing "token subsidy war" among AI giants like OpenAI and Anthropic, questioning whether it's nearing its end. It reveals that current AI subscription prices are heavily subsidized, with some plans offering tokens at up to 70 times the actual cost to attract and retain heavy users, especially developers and enterprises. This strategy mirrors past internet-era subsidy battles, but with a key difference: AI tokens lack "lock-in" effects. Unlike ride-hailing or food delivery apps, users can easily switch between AI providers as APIs become standardized, making it difficult for companies to raise prices post-subsidy. The piece highlights a structural asymmetry in the competition. Giants like Google, with massive advertising revenue, can afford to subsidize tokens indefinitely, akin to using "tokens as a weapon." In contrast, venture-backed companies like OpenAI and Anthropic face pressure to become profitable, especially as they approach IPO. The article cites Google Ventures founder Bill Maris, who suggests Google could slash token prices by 80%, putting immense pressure on competitors. Two potential endgames are presented: the "internet service" model (subsidize, monopolize, then raise prices) and the "utility" model (tokens become a standardized, low-margin commodity like electricity). Given the low switching costs, the latter seems more likely. The competition may not have a single winner but could instead accelerate AI's evolution into a foundational, infrastructure-level technology, akin to a public utility. For now, users continue to benefit from heavily subsidized token costs.

marsbit2 saat önce

Is the 'Token Subsidy War' Among AI Giants Almost Over?

marsbit2 saat önce

Beyond the Stadium: The Profitable Games Surrounding the World Cup

"Beyond the Pitch: The Profit Game Around the World Cup" The FIFA World Cup transcends being a sporting spectacle, evolving into a massive global arena for speculation and profit-seeking. The 2026 tournament has amplified this dynamic, creating a multi-layered ecosystem of financial opportunism alongside the football. **Prediction markets** have surged into the mainstream. Platforms like Polymarket and Kalshi saw trading volumes for World Cup contracts soar, attracting new users with their financial trading model and high-profile, chain-based wealth stories that overshadow traditional sports betting in terms of growth and narrative. However, **traditional sportsbooks** remain the dominant force, leveraging established user habits, legal markets, and comprehensive product offerings to handle the vast majority of speculative wagers, with projections suggesting record-breaking betting volumes. Capital markets also react. **"Concept stocks"** in countries like South Korea and Japan experience volatile price swings based on team performance and anticipated fan spending on items like chicken, beer, and viewing parties, effectively becoming a stock market reflecting fan sentiment. The **ticket resale market** has become a sophisticated arena for arbitrage. Prices fluctuate wildly based on team draws and star power, with sellers sometimes listing tickets they don't yet own in a practice akin to short-selling, while FIFA's own "Right to Buy" tokens add another layer of speculative trading. **Collectibles and merchandise** offer another avenue. Panini sticker albums, with their inherent scarcity and nostalgic value, can become high-value collectibles. Limited-edition or locally themed jerseys command significant premiums on secondary markets, and even counterfeit vendors profit from fans' desire for affordable match-day identity. The **cryptocurrency** space has seen a frenzy of speculative, unauthorized World Cup-themed meme coins on chains like Solana. These tokens, often exploiting team names and player imagery, experience extreme pump-and-dump cycles, creating stories of massive gains for a few early entrants and steep losses for many others. Finally, an entire industry thrives on **providing information and tools** to other speculators. Developers create platforms like SeatSidekick to track ticket inventory and prices, while paid Telegram groups and subscriptions sell betting tips and predictions, monetizing the widespread desire for an informational edge. In essence, the World Cup has become a compressed, global laboratory for speculation. While the games determine champions on the field, a parallel, complex network of financial transactions—spanning prediction contracts, bets, stocks, tickets, collectibles, crypto, and information services—settles its own scores in the global market.

marsbit3 saat önce

Beyond the Stadium: The Profitable Games Surrounding the World Cup

marsbit3 saat önce

İşlemler

Spot
Futures
活动图片