The following content is released by JuCoin Labs Research Institute: Against the backdrop of U.S. tariff policies and overall market downturn, RWA remains one of the few tracks still maintaining growth. According to rwa.xyz data, as of the time of writing, the total RWA market size is $20.83 billion (excluding stablecoins), with a market value increase of 12.15% in the30 days. Moreover, as traditional asset management companies like BlackRock and Fidelity begin to layout RWA, RWA is undoubtedly the next market growth point.
Data source: rwa.xyz
<a project in the RNetwork RWA track, after receiving financing from YZi Labs in March, it also received financing from Apollo Global Management (with asset management scale exceeding $700 billion) on April 8. In the recent Binance voting listing activity, Plume Network has attracted widespread market attention. Plume Network is committed to building a dynamic a dynamic and composable RWAFI ecosystem. Plume Network attempts to combine RWA and DeFi, improving the liquidity of RWA assets while obtaining additional yields through lending and staking operations, enabling real assets to be empowered by DeFi. Plume Network is also a key project of focus in the RWAFI direction, and it is expected to solve the challenges of low trading volume and low attention faced by traditional financial RWA projects. In the following, we will conduct an in-depth investigation of Plume Network, covering project overview, core functions, team and financing background, and ecosystem status.
I. Project Overview Plume Network is a modular Layer 1 blockchain specifically designed for tokenRA, aiming to tokenize tangible assets from traditional finance, such as estate, real estate, consumer credits, corporate debt, carbon credits, GPU resources, and even luxury goods, and seamlessly integrate them into the blockchainchain ecosystem. PlUme is currently the first on-chain ecosystem focused on the RAfi track, with its core innovation lies in deeply integrating the asset tokenization process with compliance mechanisms into the chain-layer architecture, significantly lowering the barriers for traditionalanal asset issuers and institutional investors to participate in on-chain finance, without the need to master complex technologies or build additional infrastructure, and can enjoy the transparency andability.
II. Core Architecture To solve the circulation problem of RWA assets and bring real yields through income-generating assets by introducing real users from the existing market, Plume Network determines the issuance form when assets are put on-chain, such as as combined assets or Non-Fungible Tokens, by reasonably shaping the product to improve asset liquidity and yields while reducing risks. To achieve these goals, Plume Network innovatively adopted the following four architectural components.
Plume ARC ARC is a one-stop issuance platform built for asset issuers within within the Plume Network ecosystem, supporting users to complete RWA on-chain isissuance within minutes. platform integrates tokenization tools, KYC/KYB compliance processes, on-chain registration, and asset bridging through a modular contract architecture.. Its main functions include full-tokenization support, an automated compliance engine, and mod,ular service integration. Additionally, it conversion between fiat currency and on-chain tokenized assets.
2. plume Passport Passport solves the liquidity problem of RWA assets. Through a smart wallet architecture and full-stack compliance infrastructure, Enables RWA assets to seamlessly integrate into the DeFi ecosystem, thereby releasing asset liquidity. Its core functions include a smart wallet abstraction layer that can dissolve RWA complexity, a compliance engine that can embed legal and regulatory logic, and a yield distribution infrastructure that can connect on-chain and off-chain.
3. Plume Nexus Nexus mainly addresses the challenges of data data authenticity, real-time nature, and compliance inWization scenarios. Its core functions include Skylink cross-chain data interoperability to achieve full-chain RWA yields, support real-time asset net value calculation and risk warning, compliance data embedding, and bringing real-through aggregating SEDA, Stork, OpenLayer and other oracle networks, real-time on-chain data such as real estate valuations, carbon emission rights trading prices, and bond interest rates.
p>III. Main Functions- USD is aUSD stablecoin on the pl,irectby mainstream stusdc and. Users can mint Plume USD by depositingdc USDC or USDT and redeem the original deposited assets when needed div.> >>ul p IV. financing Background todata shows that, as of now, Network has completed four four rounds of financing..
- On May 23, 2024024, completed seed round financing of with $ million, with investment including institutions including Haun Ventures, Superscrypt, Galaxy, SSV Angel, A.Capital, etc.
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- Received financing from Yon March, 2025, and from Apollo Global Management on April 8, 2025, but the financing amounts for the last two rounds were were not disclosed.
2. Functions of Functions
- Governance: $PLUME token will be used for platform governance, with token holders able to participate in important platform decisions.
- Staking and Rewards: Users can stake $PLUME tokens in liquidity pools, earning platform transaction fees and rewards by participating in liquidity provision and lending activities.
- Payment and Fees: The token can also be used to pay for platform transaction fees, service fees, and governance voting fees.
3. Inflation and Value Capture
- Release Mechanism: The gradual unlocking of the native token $PLUME will be completed within five years, and as the platform's user base and liquidity pool scale grow, the token's market demand is expected to increase, potentially leading to value appreciation.
- Value Capture: Platform transaction fees, staking rewards, and liquidity pool appreciation will bring continuous demand for the $PLUME token, further driving its appreciation.
VI. Ecosystem Status1. On-chain Data: According to Plume Network's official data, the testnet phase registered over 18 million wallets with 265 million transactions. Since the mainnet launch, it has attracted community attention. On-chain data shows current token-holding addresses at 35,491, with total transactions of 339,093. Token holdings are highly concentrated, with the top address holding 50%, the second holding 35.2%, and the third holding 4.42%. Additionally, it's worth noting that after the mainnet launch, Plume's on-chain activity has significantly decreased, with very limited growth in independent addresses.
Data Source: etherscan.io
2. Ecosystem Projects: As of the time of writing, Plume Network has over 180 ecosystem projects, most of which are still in early stages. This article will primarily analyze key projects in RWAFI, DeFi, infrastructure, and social platforms.
Data Source: plumenetwork.xyz
RWAFI Domain
- ASX is a project focused on asset tokenization, aiming to tokenize various traditional assets like real estate and art, providing investment opportunities.
- Adapt3r is an innovative decentralized platform focused on building compliant on-chain RWA products and providing global asset management solutions. The platform's core function is an automated asset adaptation mechanism that ensures assets can quickly adapt to various global regulatory requirements while guaranteeing investor returns.
DeFi Domain
- Ambient Finance is a decentralized trading platform dedicated to providing low-cost, low-slippage decentralized trading experiences. Through innovative liquidity pools and algorithms, Ambient Finance has significantly reduced gas fees, attracting numerous traders and liquidity providers.
- Angle is a decentralized stablecoin protocol focusing on pegging RWA to its stablecoin, providing users with stable value storage and payment tools. Angle's advantage lies in its scalability and decentralized governance mechanism, allowing users to participate in protocol decision-making and enhancing community control over the platform.
Infrastructure Domain
- Brickken provides asset tokenization solutions, helping users convert real-world assets like real estate and art into digital assets for easy trading and circulation. Brickken has successfully launched an automated asset tokenization platform where users can tokenize assets within minutes and enter the global market for trading.
- Centrifuge is a decentralized protocol aimed at tokenizing RWA assets and introducing them into the DeFi ecosystem. Centrifuge has collaborated with multiple financial institutions and DeFi protocols, successfully tokenizing various traditional assets and providing liquidity.
Social Platform Domain:
- Barrel is a decentralized trading platform allowing users to purchase and invest in rare spirits assets. Its innovative asset circulation mechanism and compliance framework make spirits market investments more transparent and efficient, attracting numerous asset managers and collectors.
- Cornermarket is a decentralized marketplace allowing users to purchase real-world goods using cryptocurrency. Its core advantage is ensuring transaction transparency and security through blockchain technology, promoting cryptocurrency application in daily consumption.
VII. Valuation AnalysisPlume Network's main competitor is Ondo Finance, which is already listed on Binance. Using Ondo Finance's fundamentals as an indicator, we analyze Plume Network's valuation. Currently, Ondo Finance's FDV is $8.76 billion, with a market cap of $2.76 billion; Plume Network's FDV is $1.54 billion, with a market cap of $300 million. Considering Plume Network's token dilution, lack of listing on top exchanges, and its community and ecosystem development, Plume Network still has significant growth potential. Comprehensively, Ondo Finance's FDV should be about 2 times Plume Network's FDV, meaning Plume Network's FDV could reach around $4.5 billion, with the $PLUME token potentially reaching around $0.45.
Data Source: coinmarketcap
VIII. ConclusionPlume Network has a very broad prospect in the RWA field. As one of the few infrastructures that can deeply integrate traditional assets with blockchain, Plume provides strong competitiveness through its full-stack architecture. By leveraging RWAFI, Plume further promotes the digitization and on-chain circulation of traditional financial assets, enhancing asset liquidity and tradability.
In the long term, Plume Network aims to attract more institutional clients, providing a comprehensive RWA asset tokenization service for traditional assets. RWAFI not only provides powerful technical support for asset tokenization but also builds a bridge between traditional finance and DeFi, promoting asset digital circulation. With top VC investments and RWAFI's aggregation effect, Plume Network is poised to become a core infrastructure in the RWA track.
As the market gradually matures, Plume Network's value will continue to grow. Overall, Plume Network has more positive expectations for secondary market performance!
