How Can Investors Seize the Yield Opportunity of Tokenized Real World Assets (RWA) in DeFi?

Forbes

23-03-20 15:15

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原文标题：《代币化 RWA 如何为 DeFi 带来新的收益机会？》

Original article by Leeor Shimron, Forbes

Katie Koo, Odaily Planet

What are the real-world assets that have recently been linked?

在过去的几个月里，传统的基金和资产发行人推出了通过公共加密网络将其他资产 Token 化的计划。这不只增强了人们对将现实世界资产（RWA）带到链上的兴趣，并为 DeFi 的收益创造了新的机会。

私募股权公司 Hamilton Lane 与数字资产发行平台 Securitize 合作，将其 21 亿美元旗舰股票基金的一部分在 Polygon 网络上 Token 化。该基金要求最低投资额为 2 万美元，远低于私募股权投资者通常的最低投资额 500 万美元。Hamilton Lane 是最大的私募股权管理公司之一， 2021 年在私募市场投资超过 370 亿美元。它管理着 8240 亿美元的资产。

同样，新加坡金融管理局（MAS）宣布了「守护者项目」（Project Guardian），这是一项试点项目，将可用于各种 DeFi 策略的债券和存款 Token 化。参与该项目的银行将能够将可在许可的流动性池中使用的债券和存款 Token 化。这些资金可以在 Aave 和 Compound 等 DeFi 应用程序上出借以赚取利息，或作为获得信贷的抵押品。该试点项目已经招募了摩根大通、星展银行和 Marketnode 作为合作伙伴。

DeFi 原生收益熊市遇冷，转向 Token 化 RWA

Self 2020 The first batch in 2000. DeFi Since protocols began to gain traction, they have been the driving force attracting users and traders into the cryptocurrency space. DeFi's experiments offer innovative financial applications such as decentralized automated market makers (AMA), stablecoins, loans, insurance, cross-chain Bridges, synthetic assets and derivatives.

DeFi 应用程序中的总锁定价值（TVL），随着资产价格上涨和新用户的加入，在 2021 年 12 月飙升至 2480 亿美元的峰值。TVL 因流动性挖矿而暴增——协议通过暂时提高收益，为用户提供协议原生 Token 的 Token 奖励（比如 Compound 用 COMP Token 奖励放贷方）来引导增长。

在 2022 年熊市期间，由于 Token 价格下跌，用户对加密货币的普遍兴趣减弱，导致回报是非持续的。稳定币 USDC 的历史贷款利率在 2020 年 12 月达到峰值，Aave 为 18% ，Compound 为 8% 。目前，这两种债券的收益率分别跌至 0.75% 和 1.62% 。

代币化 RWA 如何为 DeFi 带来新的收益机会？

DeFi Yields have been falling. (Credit: LOANSCAN.IO)

With one-year Treasury yields around. 5% Investors flocked to the safety of government bonds. With the US Federal Reserve abandoning its zero interest rate policy, one-year Treasury yields have risen from 2021 Year 12 Month's 0.3% & have spent Rise, Treasury yields have exploded.

代币化 RWA 如何为 DeFi 带来新的收益机会？

Treasury yields soared as interest rates rose. (Credit: CNBC)

With the risk-free interest rate of traditional finance rising and DeFi Yields fall, investors say. DeFi Participation has plummeted in recent months. From 2021 Year 12 The monthly highs fell. 73% Fell to the current level. 660 A hundred million dollars.

代币化 RWA 如何为 DeFi 带来新的收益机会？

DeFi nbsp; TVL Self 2021 It has been falling since its peak in 2005. (Credit: DEFELLAMA)

To attract new capital, the company DeFi The protocol starts to change. RWA As collateral or a source of new investment opportunities to provide more consistent returns for investors.

自 2018 年以来，房地产、大宗商品、私募股权和信贷、债券和艺术品等现实世界资产的 Token 化一直在悄然渗透进我们的生活。以前被称为「证券型 Token 」或「 Token 化证券」， Token 化 RWA 利用区块链技术将传统资产带到链上。 Token 化 RWA 提供了切实的好处，包括降低投资最低限度和通过部分所有权增加访问权限，增加以前非流动性资产的交易，增强透明度和安全性。因为区块链上有不可更改的交易历史记录，以及自动化的所有权管理。

The seven major schools. Private credit blockchain agreements add up to a historical loan value. 42 $100 million, with loans in progress. 4.56 & have spent A hundred million dollars. These protocols use DeFi Provides private loans to businesses, including Maple, Centrifuge, Goldfinch, creditx, TrueFi, Clearpool And Ribbon Lend. Their average annual interest rate is. 12.63% & have spent .

Maple Finance 的首席执行官兼联合创始人 Sidney Powell 指出：「 Token 化 RWA 使 DeFi 受益，因为它可以为非加密本地的企业和客户提供服务。只要我们只接受比特币或以太坊作为质押品，DeFi 的贷款就有上限。能够接受 Token 化的房地产或公司财产的担保，降低了加密货币贷方和投资者的风险，这使现实世界的企业可以使用 DeFi。」

代币化 RWA 如何为 DeFi 带来新的收益机会？

DeFi Loans are also falling. (Source: RWA.XYZ)

DeFi 如何在 Token 化 RWA 这条路上走得更远？

DeFi It must offer higher returns than traditional investments to remain competitive and attract capital. Maple Finance, Goldfinch And Centrifuge Iso DeFi Apps raise money from cryptocurrency holders and lend it out to generate revenue through various strategies.

Maple Finance Is used by institutional borrowers. DeFi Ecosystem access to undermortgages (undercollateralized loan) platform. Pool representatives are credit professionals who underwrite insurance and manage pools on the platform, seeking out institutional borrowers and setting terms for each loan pool. Lenders can then deposit cryptocurrency funds in a pool they wish to support, lending assets in exchange for income. So far, Maple Cumulatively provided nearly 18 Hundreds of millions of dollars in loans.

Goldfinch Focus on lending to real businesses in emerging markets. Borrowers must undergo an audit to determine if they qualify for a loan. Once approved, they can create pools and determine loan terms such as interest rates, loan amounts, terms, and late fees.

Lenders can choose to make higher returns by providing funds to the first pool of individuals to suffer capital losses on impaired loans. Alternatively, the liquidity provider could provide capital that is distributed across the pool of all borrowers, thereby earning a lower yield while reducing the risk of capital losses.

(Note: Impairment loan reserve refers to the reserve set aside by commercial banks to withstand loan risks to make up for the loss of loans that cannot be recovered at maturity, and it is the bad debt reserve that cannot be recovered after banks release goods to customers.)

Maple And Goldfinch Focus on private credit, while Centrifuge More forms of real world assets can be introduced. DeFi Ecosystems, such as real estate loans and goods invoices. In Centrifuge The agreement's first asset-backed market. Tinlake The originator converts a real world asset to NFT and include relevant legal documents. Use NFT As a representative. RWA 's collateral creates a pool of assets that investors can then contribute to matching their appetite for risk.

将现实世界的资产 Token 化可以让 DeFi 进入一些最大的金融市场。2020 年全球房地产价值 327 万亿美元， 2022 年非金融企业债务超过 87 万亿美元。这些都是巨大的市场， Token 化可以为其带来更高的流动性和新的投资者。

How Investors Grasp Tokenization RWA In DeFi The revenue opportunity on?

When evaluating income generation opportunities, investors should look at existing assets that utilize real assets. DeFi Trace records of the application. Check to see if they have experienced a default and learn about their insurance coverage, due diligence processes and how they manage risk. Insurers that require overcollateralization of borrowers and have access to insurance or a backstop in case of default are likely to perform best as they evolve.

Notably, Maple Finance In 2022 Year 12 There is a pool of loans in January. 3600 $10,000 of defaulted loans. Borrower Orthogonal Trading Because FTX Have suffered losses due to the collapse of To cope with the situation, It was launched. 2.0 & have spent Version introduced more immediate default and liquidation procedures for bad loans. This shows that for the image Maple Such a low mortgage DeFi Loan platform, borrowers need better risk parameters and industry diversification.

除了直接贷款，投资者还可以通过购买原生 Token 来押注以 RWA 为重点的 DeFi 协议。这些 Token 的价格将与加密市场行情相关，但可能会对热门交易平台表现出更大的升值潜力。