Followin' the content provided by JuCoin Labs Crypto Research Institute: Ondo Finance, the leading project in the RWA (Real World Assets) track, has announced the launch of Ondo Global Markets (Ondo GM), aiming to enable global investors to access U.S. listed securities through blockchain technology, and has also launched Ondo Chain. Ondo Finance's on-chain stocks and bonds further drive the development of the RWA track, making RWA a focus of capital investment, with the Trump family's crypto project WLFI also investing in ONDO. The core idea of RWA is to digitize traditional financial or physical assets and map them to the blockchain, achieving on-chain trading and management through tokenization. Its value lies in using blockchain technology to optimize the inefficient aspects of the traditional financial system, thereby enhancing the transparency, liquidity, and security of assets. Currently, top-tier capital such as J.P. Morgan and Citibank have begun to layout RWA. RWA is an important development direction for future digital finance and a track that investors cannot ignore. RWA Market Status: According to rwa.xyz data, as of February 9, 2025, the total market value of RWA has exceeded $17.1 Bit, and is still in a growing trend. Bitwise predicts that by the end of 2025, the entire track's market value will exceed $50 Bit. In terms of asset type, U.S. Treasuries account for 49.64% of the market share, followed by private credit at 26.82% and commodities at 16.06%. Since 2024, the top three monthly RWA asset issuance volumes have been stablecoins, tokenized U.S. Treasuries, and private credit, which are also the main inflow sectors. From the on-chain distribution, Ethereum occupies the majority of the market share. RWA is an important development direction for the current crypto industry and a "new blue ocean" in the digital asset field. The application scenarios of RWA are very extensive, mainly including stablecoins, government bonds, private credit, commodities, and real estate. RWA Representative Projects: 1. U.S. Treasury Tokenization - Ondo Finance (Institutional-Grade RWA L1) 2. Algorithmic Stablecoin - Ethena Labs

• Followin' the top algorithmic stablecoin: Ethena is the top algorithmic stablecoin on Ethereum, supported by leading VCs like Dragonfly and Brevan Howard Digital.
• High protocol revenue: Ethena has a wide range of revenue sources, primarily from profits generated in Delta's hedging derivative positions. The protocol revenue is the product of USDE AUM and Funding rate, so the overall protocol revenue is very impressive.
• Actual application: Ethena is one of the first on-chain products to penetrate the CeFi market, mainly used as collateral for trading derivatives, and USDe has been integrated into mainstream centralized exchanges. Ethena will continue to evolve from a single asset issuer to a platform that best leverages and realizes on-chain financial innovation.

3. Private Credit - Goldfinch

Project Introduction

The Goldfinch project was launched in 2022 and is a decentralized credit protocol. It allows users to borrow cryptocurrencies without the need for cryptocurrency collateral, with the collateral entirely off-chain. Goldfinch's co-founders Michael Sall and Blake Loan West have Coinbase work experience. Investors include a16z, Coinbase Ventures, Lightspeed Venture Partners, and others.

Core Products

Decentralized Credit Protocol: Goldfinch provides a decentralized lending platform that allows cryptocurrency borrowers to obtain loans without the need for cryptocurrency collateral, with the loans secured by off-chain collateral. This allows individuals with low credit scores to also obtain loans.

Goldfinch Prime Pools: Goldfinch Prime is an investment pool designed for institutional-grade private credit, targeting returns between 9% and 12%. The funds in these investment pools must undergo strict screening to ensure they meet certain investment standards, such as a high proportion of senior secured loans and a low non-performing loan ratio.

Currently, Goldfinch manages assets exceeding $10 billion, with yields as high as 13.2%.

Token Economics

Goldfinch currently has two native ERC20 Tokens, GFI and FIDU. GFI is the core Token of Goldfinch, primarily used for governance voting, auditor staking, auditor voting rewards, and community grants. Supporters holding GFI can also earn protocol rewards through staking or deposit them into the Member Vault to earn Member Rewards, thereby promoting the ongoing development of the protocol.

FIDU represents the deposits of liquidity providers in the Senior Pools. When liquidity providers deposit funds into the Senior Pools, they will receive an equivalent amount of FIDU. FIDU can be redeemed for USDC on the Goldfinch dApp at an exchange rate based on the net asset value of the Senior Pools, but a 0.5% withdrawal fee is deducted. The FIDU exchange rate will increase over time as interest is paid out in the Senior Pools.

On-Chain Data

MC market cap of $31.12 million, 24-hour trading volume of $940,000, over 206,534 total on-chain transactions, 14,952 token holders, with the token distribution relatively evenly spread, potentially indicating the existence of some market control.

Project Highlights

• Low entry barrier: The Goldfinch platform does not require a credit rating, allowing individuals with lower credit scores to obtain loans. Additionally, the Goldfinch borrowing process is simple, with the entire process automated through smart contracts, enabling borrowers and lenders to use the platform quickly and easily.
• Stable operation: Goldfinch employs a diversified asset strategy, so even if some loans default, the entire platform can still maintain stable operation. So far, the platform has not experienced any bad debts.
• Solid foundation: The Goldfinch team has extensive experience and has received support from top-tier VCs like a16z, Coinbase Ventures, and Lightspeed Venture Partners. The project officially launched in 2022 and has already undergone nearly three years of development, with a certain level of product and user accumulation, giving it an early-mover advantage.

Summary

Projects represented by Ondo Finance, Ethena Labs, and Goldfinch have made significant progress in the areas of US debt tokenization, algorithmic stablecoins, and decentralized credit, respectively, driving the maturation of the RWA market. With the increasing participation of more institutions, the application scenarios of RWA will continue to expand, including stablecoins, government bonds, private credit, and other fields, bringing more investment opportunities. This trend not only provides investors with a richer asset allocation choice but also provides new momentum for the digital transformation of the global financial system. Closely monitoring the development trends of the RWA track is a wise choice for investors.