On March 26, according to Coingecko data, the RWA concept surged. Leading the pack, Ondo Finance’s native token ONDO saw a weekly increase of over 110%, leading the entire RWA track protocols, with multiple project tokens continually hitting historic highs.

Among them, POLYX (Polymesh) saw a weekly increase of 197.4%; TOKEN (TokenFi) saw a weekly increase of 210.5%; NXRA (AllianceBlock Nexera) saw a weekly increase of 129%; GFI (Goldfinch) saw a 24-hour increase of 97.3%; RIO (Realio Network) saw a weekly increase of 141.7%.

From BlackRock to meme, is the market starting to hype the RWA track?

The reason for the hype around the RWA track may be related to BlackRock.

On March 21, BlackRock launched the tokenized fund BUIDL, which will be subscribed through Securitize Markets, LLC, providing qualified investors with the opportunity to earn USD returns. BlackRock pays daily accrued dividends as new tokens directly into investors’ wallets. The fund invests 100% of total assets in cash, U.S. Treasuries, and repurchase agreements, allowing investors to earn income while holding tokens on the blockchain. Or for the first time, the price of ONDO has soared, with the weekly increase directly doubling.

Learn more here: ONDO doubled in a week: BlackRock’s entry once again restarted the RWA track》

In addition, it seems that the sector’s turn in this round of bull market still has not moved to DeFi. According to DeFi Llama data, between the beginning of 2022 and July 2023, the median DeFi return has increased from a low of 2% last year and currently stands at 3.24. But the yield is still low compared to Treasury yields, which currently sit at 4.22 on the 10-year Treasury market. According to CME Fed Watch data, the Federal Reserve is likely to keep interest rates unchanged in the range of 5.25%-5.50% in May.

Amid the prevailing risk-off environment last year, institutions considered the mid-single-digit returns offered by DeFi yields to be too low for the associated risks. When large investors cannot generate enough income on the chain, bringing real-world income into DeFi is a feasible solution.

After the widespread popularity of the RWA concept, it followed the meme hype trend, leading to the emergence of RWA concept memes, such as ElonRWA. ElonRWA is the first Elon meme coin related to the RWA narrative, originating from a hand-drawn portrait of Elon Musk. With Musk’s “wealth effect” blessing, ElonRWA has seen a significant surge, with a 24-hour increase of 80.51%.

Notable RWA Protocols

Realio Network

Realio Network, founded in 2018, originated as an end-to-end digital asset issuance and peer-to-peer trading platform focusing on real estate private equity investments, headquartered in New York. Currently, Realio has established its own L1 blockchain network based on the Cosmos SDK, with the mainnet launched in April last year.

The Realio platform utilizes blockchain technology to offer a range of services, including tokenization, digital asset issuance, and secondary market trading, with applications including realioVerse and the upcoming Freehold wallet. It aims to expand beyond real estate into securities. One of Realio’s unique features is its distributed key management system, which helps ensure secure validator and delegator staking.

Realio employs a native dual-token proof-of-stake model, RIO and RST, featuring functionalities such as network staking, governance, and key management. Additionally, Realio has launched a tokenized fund, LMX, dedicated to low-cost Bitcoin production.

RST, issued in collaboration with Algorand in 2020, is an equity token sold as an Algorand Standard Asset (ASA), offering interoperability with other supported blockchains and platforms like RealioX. RST holders receive platform revenue distribution and can stake on the Realio Network to earn validator rewards. The maximum supply is 50 million, sold through presales and Security Token Offering products on the realio.fund platform.

RIO is the native gas and utility token of the Realio Network, with a maximum supply of 75 million, issued on multiple chains including Ethereum, Algorand, and Stellar networks. It has no pre-mining, and additional issuance occurs through validator block rewards and liquidity mining. At time of writing, the price of RIO is $2.04, with a weekly increase of 140.9%.

Twitter: https://twitter.com/realio_network

Official website: https://realio.network/

Propchain

Propchain is a blockchain-based real estate token investment market that provides users with channels to invest in the global real estate market, as well as tools of various natures, sizes, and valuations. Propchain solves many of the problems real estate investors encounter in the traditional market. The platform continuously sources new properties and lists tokens after due diligence to ensure there is never a lack of investment options on the platform. It also guarantees the security and sustainability of the properties.

Propchain allows investors to invest with an investment threshold as low as €1,000. All properties are managed by Propchain’s property management team, and investors only need to collect rent from the properties. At the time of writing, PROPC is trading at $4.84, a weekly gain of 83.4%.

Twitter: https://twitter.com/PropChainGlobal

Official website: https://propchain.com/

AllianceBlock Nexera

AllianceBlock is an infrastructure provider for decentralized tokenized markets. It provides liquidity to businesses and allows them to compliantly issue, manage and trade tokenized digital assets, including RWAs. AllianceBlock’s tokenization technology enables institutions and businesses to develop compliant and efficient solutions.

AllianceBlock has launched the NFT protocol Nexera, which is built on current NFT standards and can create mutable and composable NFTs, known as MetaNFTs.

MetaNFTs are third-generation NFTs that can possess mutable data and metadata to extend their functionality, allowing them to dynamically evolve over time with new attributes and restrictions. This makes MetaNFTs mutable on-chain storage entities that can interact with on-chain and off-chain data. MetaNFT widely supports existing and emerging NFT standards, enabling developers to quickly adapt and integrate future standards.

MetaNFTs can also automatically execute loan terms between borrowers and lenders. Additionally, MetaNFTs can incentivize asset-backed lending platforms through the fractionalization of NFTs. Essentially, MetaNFTs can use existing NFTs as collateral and divide them into smaller NFT fractions, which can be directly sold or auctioned off either individually or through NFT marketplace platforms.

The native token of Nexera, NXRA, has a maximum supply of 850 million and currently operates on Ethereum, Binance Smart Chain, Avalanche, Polygon, and EnergyWeb Chain. At the time of writing, the price of NXRA is $0.28, with a weekly increase of 139.7%.

Twitter: https://twitter.com/allianceblock

Official website: https://allianceblock.io/

Plume network

Plume is a modular L2 blockchain dedicated to RWA that integrates asset tokenization and compliance providers directly into the chain. Plume hopes to simplify the complex process of risk-weighted asset project deployment and provide investors with a blockchain ecosystem. Through its DeFi application, Plume aims to enable the composability of RWA-specific assets and provides connections to premium buyers to increase liquidity for all tokenized RWA.

Plume network team members come from major companies including Coinbase, Robinhood, Layerzero, Binance, Galaxy Digital, Scale Venture Partners, dYdX, and more. Currently, Plume network has not issued coins, but there is a points program. Plume is currently deployed as L2 on the Ethereum Sepolia test network. You can receive test tokens, participate in Plume’s test network, and complete tasks such as bridging to have a chance to receive airdrops.

Twitter: https://twitter.com/plumenetwork

Official website: https://www.plumenetwork.xyz/

Polymesh

Polymesh is an institutional-grade permissioned blockchain built specifically for the RWA token. It incorporates governance, identity, compliance, and confidentiality into the core of blockchain. All participants, whether token issuers, investors, node operators, must first pass decentralized KYC verification.

The Polymesh native token $POLYX layer is classified as a utility token by Swiss law. In April last year, Binance announced that it would become the node operator of Polymesh. At that time, POLYX rose by more than 10%. Currently, POLYX is also showing an upward trend. As of writing, the price of POLYX is $0.64, with a weekly increase of 219.1%.

Twitter: https://twitter.com/PolymeshNetwork

Website: https://polymesh.network/

Mineral

Mineral is the world’s first BRC-420 inscription supported by Bitcoin mining RWA. Unlike many unsustainable DeFi 1.0 projects that rely on subsidies and liquidity locking, Mineral introduces positive externalities from mining, creating a sustainable income-generating DeFi model.

By staking Mineral in L2, users can acquire Bitcoin and receive native token MNER. The treasury will continuously accumulate new RWA income assets as the project develops. Additionally, Mineral will collaborate with other projects based on the BRC-420 environment and implement a one-token multi-mining mechanism in L2 by staking Mineral inscriptions.

Through its native token MNER, Mineral continually reinforces its value with RWA and, through high composability, opens up vast possibilities for cross-project collaboration, achieving a multi-faceted DeFi design. MNER serves as the Mineral L2 Treasury token, backed by RWA, specifically represented by Bitcoin hashrate. Over time, the Treasury will benefit from ongoing net income from BTC mining and other RWAs, income from cross-project collaborations, and enhanced net income from newly acquired RWAs.

Twitter: https://twitter.com/mner_club

Official website: https://www.mner.club/

Galileo Protocol

Galileo Protocol is a tokenization platform that aims to transform the certification and ownership of luxury goods and RWAs. Galileo Protocol is focused on leveraging pNFTs as proof of ownership and authenticity, aiming to benefit luxury brands, businesses, individual collectors, and Metaverse users.

pNFT provides the traceability, immutability, and security benefits of NFTs while abstracting much of the complexity involved in trading physical assets, allowing all changes during the product’s lifecycle to be recorded onto pNFTs. The protocol includes a mobile app for iOS and Android devices that enables users to verify luxury goods and manage their associated pNFTs. The app utilizes computer vision algorithms to analyze the physical characteristics of a luxury item and compares them to the metadata stored in its associated pNFT.

Additionally, Galileo Protocol provides a B2B tokenization platform for luxury brands and businesses to authenticate their products and track them through their supply chains. The platform allows businesses to quickly and easily create and manage pNFTs for their products, ensuring that the authenticity of each item is accurately recorded on the blockchain.

Galileo Protocol will issue 150 million LEOX tokens, with an initial circulating supply of 28.9 million. At the time of writing, LEOX is trading at $1.34, with a weekly gain of 120.7%.

twitter：https://twitter.com/galileoprotocol

Official website: https://www.galileoprotocol.io/

MANTRA

MANTRA Chain is an L1 blockchain built on the Cosmos SDK, aiming to become a network for collaboration between enterprises, attracting enterprises and developers to build any application from NFT, games, and metaverse to compliant DEX. The first dApp on MANTRA Chain is MANTRA Finance, which aims to become a globally regulated DeFi platform, bringing the speed and transparency of DeFi to TradFi, and allowing users to issue and trade RWA tokens.

On March 19, MANTRA announced the completion of US$11 million in financing, led by Shorooq Partners, with participation from Three Point Capital, Forte Securities, Caladan, Virtuzone, Hex Trust, Token Bay Capital, GameFi Ventures, Mapleblock, Fuse Capital, 280 Capital and others.

The new funding will be used to help MANTRA achieve three key goals: build compliant infrastructure, provide support to developers, and expand the scope of the RWA tokenization project. At the time of writing, OM price is at $0.72, up 26.7% in 24 hours.

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