Written by: flowie, ChainCatcher
Although RWA has been unable to escape the question of new rounds of old stories, from the beginning of the year to the present, RWA has continuously entered the market to "add bricks and tiles" to it, and the rise of RWA concept tokens is not bad, which has indeed brought new opportunities to the sluggish encryption market. Some things to watch.
At the beginning of the year, we wrote in "Binance, Goldman Sachs and other big institutions are competing to deploy RWA, is the next growth engine of DeFi or a flash in the pan?" "A brief analysis of the reasons for RWA's warming has been made in the article. At that time, large institutions such as Binance, Goldman Sachs, Hamilton Lane, and Siemens entered the market one after another, and the intensive layout of some on-chain U.S. debt agreements attracted RWA's attention. One of the key driving factors behind the concentrated surge of bonds on the chain is that the sluggish yield of DeFi in the bear market cannot meet the income needs of crypto users. With the Fed continuing to raise interest rates, on-chain U.S. debt does provide crypto users with a new income solution.
A few months later, under the encrypted narrative of the US SEC’s regulatory crackdown and the entry of TradFi institutions such as BlackRock’s application for Bitcoin spot ETF , RWA may once again erupt due to the compliance context. event:
- The founder of Compound founded a new company "Superstate" to seek to tokenize U.S. debt on Ethereum;
- Maker purchased US$700 million in US debt and raised the investment limit for short-term US debt to US$1.28 billion;
- More noteworthy is the entry of the national team: BOCI issued 200 million digital notes for the Hong Kong market through UBS, which is the first to comply with Hong Kong and Swiss laws and tokenized on the Ethereum blockchain. of such products.
- Hong Kong Securities Regulatory Commission SFC's attitude towards RWA assets has changed. Elizabeth Wong, head of the financial technology group, said in an interview with Eliptic that SFC will soon launch an update. Securities Token or RWA will not be defined as a complex product, and will have the opportunity to be opened to retail investors. RWA will be regulated by the underlying assets.
- In addition, Sun Yuchen, who has never let go of every hot spot, is of course not idle. On July 4th, the TRON ecosystem announced the launch of the RWA stable pledge product stUSDT, allowing users to pledge USDT to obtain RWA rewards.
After several months of gestation at the beginning of the year, the old DeFi protocol and the successive assists of the national team's entry made the RWA secondary market react strongly this time, and tokens such as MRK and COMP rose sharply.
At the same time, compared to the first half of the year, the crypto community’s doubts about RWA seem to have eased, and there is no shortage of such emotions: Many Crypto natives are currently scoffing at RWA, just like their attitude towards DeFi Summer in 2020, and the result is that they Missed a wave of innovation.
Due to the broad definition of the concept of RWA, the actual development of this field feels very vague. This article mainly combines the RWA section of the encrypted data platform RootData to sort out the progress of relatively leading projects under the specific RWA concept and some financing or models. Early projects with bright spots, and a glimpse of the development of the RWA track.
The head of RWA represents the latest progress of the project
According to the statistics of CoinMarketCap, the current total market value of RWA concept tokens exceeds 2 billion US dollars.
Except for some old-fashioned DeFi, the RWA project as a whole is relatively early. Let’s sort out the top projects in different subdivisions first, and understand their actual progress or future plans in RWA planning during the six months when RWA continues to be popular. On the whole, the top 10 RWA concept tokens by market capitalization have all risen in the past month, among which Compound has the highest increase, exceeding 100%.
U.S. debt on the chain
1. MakerDAO (MKR)
The dollar-pegged Stablecoin DAI issued by MakerDAO is currently one of the most common use cases for RWA. MakerDAO is also a DeFi protocol that incorporated RWA into its strategic planning earlier. In 2020, it passed the proposal of RWA as collateral in the form of tokenized real estate, invoices and accounts receivable to expand the issuance of DAI.
MakerDAO has successively set up several RWA vaults, and most of the collaterals of RWA vaults are US bonds. This year, when the overall DeFi is sluggish, MakerDAO continues to increase the layout of RWA, especially for investment in US debt.
RWA-based vaults on MakerDAO Source: Source: Dune Analytics (@SebVentures), Binance Research
In April, MakerDAO approved the opening of a real-world asset (RWA) vault for Coinbase Custody, which will transfer up to $500 million in USDC Stablecoin, while Coinbase Custody will pay 2.6% annual interest on deposits.
In June, MakerDAO successively purchased and invested in U.S. bonds through the RWA vault. MakerDAO first passed a public opinion vote to add BlockTower Andromeda (RWA015) as a new type of real world asset (RWA) vault. Over-collateralized Stablecoin DAI. Maker will pay BlockTower Capital a 0.15% arrangement fee.
Soon after, MakerDAO purchased US$700 million in US Treasury bonds through the digital asset management company Monetalis Clydesdale Vault. In addition, MakerDAO originally purchased US$500 million in bonds in October 2022, and its total bond holdings currently exceed US$1.2 billion .
The more efficient allocation of assets on the balance sheet to treasury bonds and investment-grade bonds, as well as the increase in fees charged to DAI borrowers, have given MakerDAO a considerable increase in revenue. According to Defilama data, MakerDAO's profit reached US$8.32 million in June, compared with US$5.48 million in May, and more than US$3 million before April. With the increase in income and profits, in June, MakerDAO announced that the DAI deposit rate was raised from 1% to 3.49%, an increase of more than three times.
According to the Dune panel data analysis compiled by @SebVentures, MakerDAO's RWA assets have gradually expanded, accounting for 45% of its total assets, far exceeding the 26% of its Stablecoin assets, and contributing more than 52% of MakerDAO's revenue.
2. Compound (COMP)
Compared to MakerDAO’s continuous deployment on RWA, Compound’s sudden announcement of the establishment of Superstate, a new company focusing on on-chain bonds, to enter RWA quickly ignited the market.
The Superstate fund will invest in "ultra-short-term government securities," including U.S. Treasury bills, government agency securities and other government-backed instruments, the sources said. Superstate announced that it has completed the seed round of financing. The specific financing amount has not been disclosed yet. ParaFi Capital, 1kx, Cumberland, CoinFund and Distributed Global participated in this round of financing. But Superstate is still in the application stage.
3. AAVE(AAVE)
Following MakerDAO, AAVE announced the launch of the RWA market in 2021, which also allows mortgage lending of real assets. Like MakerDAO, AAVE has adopted Centrifuge as its RWA provider. Its RWA marketplace enables AAVE depositors to earn income against real-world collateral, while Centrifuge asset promoters can borrow funds from AAVE. At present, the market size of AaveRWA is about 7.635 million US dollars, and only one USDC market can provide deposit and loan APY, and other markets no longer provide it.
In February of this year, AAVE native Stablecoin GHO launched a test network. GHO is an over-collateralized Stablecoin backed by multiple encrypted assets. Subsequently, the lending protocol Centrifuge proposed to introduce RWA to AAVE and use it as collateral for the native Stablecoin GHO.
In June, the AAVE community initiated the ARFC proposal of "launching the Mainnet of the native Stablecoin GHO". If the proposal is passed, GHO will run on the Ethereum mainnet, AAVE V3 users on Ethereum will be able to use collateral to mint GHO, and the DAO treasury will receive 100% of the GHO loan interest as additional income.
As MakerDAO and Compound continue to make efforts in RWA, AAVE is also rumored to increase its pace in RWA.
4. Ondo Finance
Ondo Finance was founded in 2021. The team members have rich backgrounds in various institutions and DeFi protocols such as Goldman Sachs, Fortress, Bridgewater and MakerDAO. Ondo Finance has currently received $34 million in investment from well-known institutions such as Pantera Capital, Coinbase Ventures, Tiger Global, and Wintermute.
Ondo Finance launched a tokenized fund earlier this year that allows Stablecoin holders to invest in bonds and U.S. Treasuries. Ondo Finance currently supports the provision of four investment funds - U.S. money market funds (OMMF), U.S. Treasury bonds (OUSG), short-term bonds (OSTB), high-yield bonds (OHYG), and these investment funds are marked as RWAs (called " Fund Tokens"). After users participate in the KYC/AML process, they will be able to trade fund tokens and use them in permissioned DeFi protocols.
The Ondo Finance team also developed Flux Finance, a decentralized lending protocol that invests exclusively in BlackRock's iShares Short-Term Treasury Bond ETF (SHV). The protocol provides a variety of tokens that can be borrowed, such as USDC, DAI, USDT, and FRAX, while OUSG is the only Collateral asset. OUSG holders who have passed KYC can deposit into Flux Finance for borrowing, and lenders can provide Stablecoin to earn income. Earlier this year, Flux Finance was launched on the Ethereum mainnet.
According to Dune panel data analysis, the existing market value of bond tokens exceeds 200 million US dollars, Ondo (OUSG) has a market share of nearly 50%, and its market value has exceeded 130 million US dollars. At present, the TVL of Flux Finance has exceeded 40 million US dollars.
borrow money
5. Centrifuge (CFG)
Founded in Centrifuge, it is one of the earliest DeFi protocols involved in RWA, and is also the technology provider behind top protocols such as MakerDAO and AAVE. Currently, Centrifuge has 17 RWA asset pools.
According to Centrifuge's latest semi-annual report, the $220 million RWA vault BlockTower deployed by MakerDAO this year has brought great growth to Centrifuge, helping its TVL rise to $210 million.
In addition, another big progress is that Centrifuge launched Centrifuge Prime, a service and technology suite that helps DeFi protocols support RWA. Centrifuge Prime includes a compliant legal framework specifically established for DAO and DeFi protocols, a complex tokenization and issuance platform, decentralized and objective credit risk and financial reporting, and a diverse range of asset classes and issuers to address Asked a lot about KYC and legal recourse. It is worth mentioning that, with the popularity of RWA, Centrifuge will hold an RWA-themed summit in New York on September 19th, so you can pay attention.
However, Centrifuge's RWA asset pool was also exposed to some bad debt problems. According to data from rwa.xyz, a blockchain credit analysis platform, Centrifuge has about $5.8 million in outstanding loans in two lending pools, including consumer loans, invoices and trade receivables.
The most embarrassing loan pool on Centrifuge is to provide funds to 1754 Factory for the purchase of bonds paid by short-term capital points, and to provide small loans to French customers of Bling fintech applications. The 16 loans in this loan pool are worth about 5.1 million Active loans in US dollars are past their repayment terms, with some loans more than 150 days past their repayments. In addition, four loans worth $3.3 million in its REIF pool to fund commercial real estate mortgages are past due on payments.
6. Goldfinch (GFI)
Although Goldfinch, founded by former Coinbase employees, entered the market later than Centrifuge, it has obtained large amounts of financing from well-known institutions with its innovative model. According to RootData data, Goldfinch completed 3 rounds of financing, raising a total of 37 million US dollars, a16z, SV Angel, Alliance DAO, Balaji Srinivasan, Ryan Selkis and others participated in the investment.
Goldfinch mainly provides loans to debt funds and financial technology companies, provides USDC credit lines for borrowers, and supports converting them into legal tender for borrowers. Goldfinch's model is much like a traditional financial bank, but with a decentralized pool of auditors, lenders, and credit analysts. Auditors for Goldfinch auditing borrowers must have staked governance token GFI. Goldfinch can provide a high rate of return. Due to the low mortgage threshold, Goldfinch's borrowers can pay 10-12% interest rate, and there are currently no bad debts.
Earlier this year, Goldfinch first announced a pilot project to obtain credit on Goldfinch only by utilizing on-chain cash flow. In addition, Goldfinch introduced a new transaction structure: callable loans. The product gives investors the option to get their investment back before the loan's final maturity date. For the first transaction, call payment terms will be set at every 3 months, requiring 60 days call advance notice, but these parameters are customizable in the product's smart contract.
Goldfinch also announced the launch of a $2 million transaction with the financial technology company Fazz Financial, which can provide users with a fixed annual interest rate of 13% USDC, support 90-day redeemable loans, and 60-day advance notice. It is worth mentioning that this alternative asset class is not affected by cryptocurrency or stock market volatility, and its income is derived from real-world economic activity. This offering will not be registered under the U.S. Securities Act of 1933 or any securities regulatory agency in any state or other jurisdiction in the United States. Participation in this offering is limited to U.S. qualified investors and non-accredited investors who have completed the qualified investor certification through Parallel Markets American.
7. MAPLE (MPL)
Compared with asset-backed private credit agreements, Maple has provided high active loans in the bull market due to its unsecured model. The difference between Maple and Goldfinch is that users are used as audits. Maple will appoint professional credit reviewers to strictly audit the credit of borrowers. However, under the unsecured mode, with the thunderstorms of Three Arrows Capital, FTX, etc., Maple had bad debts of 52 million US dollars, and it was controversial that it was not centralized enough because borrowing required KYC. Recently, Maple has also expanded the real asset-backed lending model to reduce risks.
In April this year, after Maple Finance announced that it would launch a US Treasury bond pool, its token $MPL rose by more than 20%.
According to the latest summary of the first half of 2023 and progress report for the second half of 2023 released by Maple Finance. In the first half of this year, Maple Finance mitigated concentration and default risks through new loan products. 1) Open term lending will allow users to withdraw loans at any time and more effectively manage the concentration risk and Liquidity required to process withdrawals; 2) Active collateral management allows users to require the value of collateral to remain above a certain threshold and reduce Capital loss in case of default; 3) Reduction of principal for refinancing will allow refinancing to be proposed in the event of a decline in the creditworthiness of the borrower to reduce capital loss in the event of default and manage concentration risk more effectively.
8. TrueFi (TRU)
TrueFi is an unsecured credit protocol driven by on-chain credit scoring. Since launching in November 2020, TrueFi has disbursed more than $1.7 billion in loans to more than 30 borrowers and paid more than $40 million in interest to protocol participants. Borrowers include leading cryptocurrency institutions, as well as fintech companies, credit funds and traditional financial firms.
TrueFi has received more than US$30 million in financing, with participation from a16z Crypto, BlockTower Capital, Foundation Capital, Distributed Global, ZhenFund, GGV Capital, Jump Trading, and Danhua Capital.
synthetic assets
9. Synthetix (SNX)
Synthetix is a decentralized synthetic asset protocol. Users can stake SNX to mint synthetic asset (sUSD) Synths. It not only supports synthetic Stablecoin but also supports tracking prices of foreign exchange, stocks, and commodities with synthetic assets.
In March of this year, Synthetix completed DWF Labs' $20 million financing and announced that DWF Labs will provide Liquidity and market makers for SNX . In addition, Synthetix has also released the v3 version, which increases the types of Collateral asset, is compatible with EVM, supports Cross-chain deployment, and optimizes developer tools.
Layer 1 for Security Tokens
10. Polymesh (POLYX)
Polymesh is an institutional-grade blockchain built for regulated assets such as security tokens. In April, Binance announced that it would become the node operator of Polymesh. At that time, POLYX rose by more than 10%.
Real estate investment platform on the chain
11. Propy (PRO)
Propy is a blockchain-based real estate platform that supports buying and selling houses with cryptocurrencies and NFTs.
On July 6, Propy also announced the integration of AI human beings to improve the efficiency of real estate transactions. Or under the dual-hot narrative of RWA+AI, the Propy token PRO once rose from $0.268 to $0.571, an increase of more than 200%.
2. A list of 20 early projects in the seven subdivisions of RWA
According to the encrypted data platform RootData, there are currently nearly 60 projects in the RWA sector, and there are many innovative projects in the fields of bonds, credit and real estate on the chain. In addition to some of the more advanced projects mentioned above, we screened the early projects worth knowing in different segments of the RWA field through the dimensions of project investment and financing, partners, and market attention.
It is worth mentioning that many of these RWA projects have received investment from some well-known investors before 2020 and 2021, but the overall follow-up development is relatively slow. The main narrative is how to invest encrypted funds in real estate, bonds, etc. and other real-world assets, and lenders can borrow real assets as collateral.
On-chain bond investment platform
1. MoHash
MoHash is an income product for investors backed by real-world debt assets. In June 2022, MoHash received $6 million in financing led by Sequoia Capital, with participation from Jump Crypto, Coinbase Ventures, Coinswitch, Balaji Srinivasan, LedgerPrime, and hash Ventures. It is reported that MoHasH has recently been testing BBZ, a special option trading platform for pure on-chain assets, in addition to its attempts on bonds.
2. OpenEden
OpenEden is an on-chain U.S. bond protocol that allows users to invest in U.S. treasury securities through its native Stablecoin TBILL to obtain an estimated annualized return of 5.3%. Increased holdings of U.S. treasury bonds are not restricted by U.S. trading hours and TBILL can be redeemed at any time. Currently TBILLTVL reaches 12.96 million US dollars.
3. KUMA Protocol (MIMO)
KUMA Protocol is a project just established this year, which provides interest-bearing tokens backed by bonds for investors to obtain income. The KUMA protocol grew out of the work of two different organizations: Mimo Labs and the newly formed Kuma DAO. Mimo Capital AG tokenizes bonds using NFT technology, and the KUMA Protocol, a decentralized entity managed by MIMO token holders, utilizes these bond tokens and issues KUMA interest-bearing tokens.
lending platform
4. Defactor (FACTR)
Defactor is an investment and financing platform that connects traditional finance and DeFi, providing loans to small and medium-sized enterprises in traditional finance. Although Defactor is an early project, it is worth mentioning that Defactor was once a Web3 start-up supported by Huawei and Dogpatch Labs in Ireland in the "Huawei International Scale Program". At the beginning of this year, Huawei's official Twitter also recommended Defactor. At that time, Defactor's governance token FACTR rose sharply, with a maximum increase of about 800%. In the past seven days, FACTR has also risen by more than 30% under the RWA narrative craze.
5. AlloyX
AlloyX is a decentralized credit protocol. Lenders provide funds in USDC to the vault, which aggregates assets in deposited tokens that are distributed and run according to the parameters preset by the vault. By depositing USDC, users receive vault tokens based on floating exchange rates, and earn returns.
Users can construct and customize investment strategies according to their own income, risk and Liquidity preferences. AlloyX aggregates investments from virtually every credit and US Treasury agreement, including Credix, Goldfinch, Centrifuge, Flux Finance, and Backed Finance, among others.
On June 29, AlloyX completed a pre-seed round of US$2 million and announced the launch of the Mainnet. Its investors include Hack VC Circle Ventures, DCG, etc.
6. OpenTrade
OpenTrade mainly provides investment channels for supply chain financial products on the chain for Web3 companies. Circle is a partner of OpenTrade, allowing Web3 companies to provide financing for small and medium-sized enterprises through USDC assets and obtain investment income. OpenTrade just completed a financing of US$1.5 million in May, with participation from Sino Global Capital, Kronos Research, Kyber Ventures, Polygon Ventures, Outlier Ventures, and Circle Ventures.
7. Clearpool (CPOOL)
Clearpool is a decentralized credit protocol where whitelists institutions can borrow unsecured Liquidity from a decentralized network of lenders. Clearpool has received US$3 million in seed round financing in 2021, with HashKey Capital, Sequoia India, Sino Global Capital, Wintermute, Huobi Ventures and others participating.
The founder of Clearpool has also founded Hex Trust, an institutional-level digital asset custody service provider, and Hex Trust has also received nearly US$100 million in financing from well-known institutions.
8. Polytrade (TRADE)
Polytrade is similar to OpenTrade, helping Web3 institutional investors to invest in Stablecoin in small and medium-sized enterprises and gain benefits. At present, the deposits on the Polytrade platform have exceeded 110 million US dollars. Polytrade has received a total of US$5 million in financing through two rounds of financing. Among the investors are Polygon Ventures, LD Capital, Shima Capita, and Matrix Partners.
9. NAOS Finance (NAOS)
NAOS Finance is a decentralized lending protocol that allows Web3 users to borrow money for companies in traditional industries and obtain fixed interest rates.
NAOS Finance completed a US$5.1 million private placement round of financing in 2021, with as many as 30 investors, including CMS Holdings, HashKey Capital, OKX Ventures, Spartan Group, Alliance DAO, Collider Ventures, , A&T Capital, Hash Global, Hot DAO, Richard Ma, Liang Xinjun, SNZ Holding, Mr. Block, Crypto.com Capital, Coinbase Ventures, etc. all participated in the investment.
However, I learned from the official Twitter of NAOS Finance that NAOS Finance was affected by the FTX thunderstorm. It was originally launched around the end of last year and failed to launch the V2 version. The data of the fund pool on the official website cannot be displayed, and the TVL is also displayed as Zero, but its tokens have risen by more than 10% in the past 7 days.
10. ReSource Finance (SOURCE)
ReSource is a decentralized protocol for commercial credit collateralized by products and services. The platform automatically creates a novel reputation system to rate creditors so that the best businesses can be selected to extend credit lines. ReSource uses various data oracles to create a credit score by providing data on a variety of factors, including FICO credit scores, bank statements, accounting software APIs, and market reviews. ReSource completed a US$1.7 million seed round of financing in 2021, with NGC Ventures, BlockRock Capital, Flori Ventures and others participating.
11. Credefi (CREDI)
Credefi is a credit agreement that provides encrypted loans for traditional small and medium-sized enterprises in the European Union. The lender needs to use real economic asset rent as collateral. At the end of 2021, Credefi completed a $1.8 million seed round of financing.
12. Opulous (OPUL)
Opoulous provides musicians with music copyright NFT and DeFi loans, and attracts fans to invest. Opulous has completed two rounds of financing, including a seed round of $1.5 million, with investors including the Algorand Foundation and Kosmos Ventures.
Real estate trading platform on the chain
13. Parcl
Parcl is a real estate Derivatives protocol. Allow Web3 users to use their own cryptocurrency to go long or short the real estate market in a certain region of the world. Parcl completed Mainnet launch in January this year. Previously, it had raised more than US$12 million through two rounds of financing. Investors include Dragonfly, Solana Ventures, Hack VC, Shima Capital, Solana Ventures, Slow Ventures, Coinbase Ventures, etc.
14. Intelly (INTL)
Intelly is a Fragmented NFT (F-NFT) real estate investment platform. Investors will be able to use Intelly's INTL tokens to purchase some real estate assets on the platform. In addition to directly linking wallet investments, Intelly also allows users to pledge cryptocurrencies in their Binance accounts to earn returns. There are multiple options for the pledge period of 1 day, 1 week, 1 month, 90 days, 180 days and 365 days.
In addition, Intelly will soon launch the Intelly Exchange, a real estate trading market. Real estate owners can create and publish real estate F-NFTs related to the project on the platform for investors to invest in, and investors receive income in the form of Stablecoin . The INTL token is up 38% in the past month.
15. CitaDAO (KNIGHT)
CitaDAO is an on-chain real estate investment platform. Investors can issue IRO (Introducing Real Estate On-chain) through a certain real estate project to subscribe for some of its real estate tokens (Real Estate Tokens) at an agreed price. If you miss the IRO, you can directly use USDC buys its real estate tokens for yield.
After purchasing real estate tokens, investors can also choose to pledge to provide Liquidity in the Liquidity pool, and get rewards in the form of CitaDAO token KNIGHT.
On-chain carbon credit trading market
16. KlimaDAO (KLIMA)
KlimaDAO is a voluntary carbon credit trading market that issues carbon-backed algorithmic currency KLIMA tokens—each KLIMA token is pegged to 1 BCT (Base Carbon Ton) token. Users can stake KLIMA through Klima DAO to generate income. At the same time, KlimaDAO encourages emission reduction by purchasing and hoarding as many credits as possible from the market and locking them in its treasury to drive the price appreciation of carbon credits in the VCM (Voluntary Carbon Market). To date, KlimaDAO has traded over $4 billion.
It is reported that Klima DAO is a fork project of the Stablecoin protocol Olympus DAO. It has accumulated treasury assets worth more than 110 million U.S. dollars within less than a month of its launch at the end of 2021. It is a popular Web3 project in the carbon credit market. Last year, Polygon also announced that it would purchase $400,000 worth of traceable carbon credits through Klima Infinity, KlimaDAO's on-chain carbon market.
infrastructure
17. Realio Network (xRIO)
Realio Network is a Layer1 focused on the issuance and management of digitally native Real World Assets (RWA). Received token investment from Algorand.
It is worth mentioning that, under the continuous supervision of the U.S. regulation on the encryption market this year, the founder of Realio Network issued a document in June denouncing the unfriendliness of the U.S. government for encryption. It stated that the core focus of the company since its founding in 2018 is to comply with regulations , because investing in real-world assets, whether on a blockchain or not, is generally subject to securities laws. However, the partial inaction of the U.S. government made the road to compliance difficult, and he finally decided to leave the U.S. market.
18. Boson Protocol (BOSON)
Boson public commerce infrastructure that can tokenize, transfer and trade any physical object as a redeemable NFT. Boson has received more than US$10 million in financing, with investors including Animoca Brands and FBG Capital.
Collection investment platform
19. Tangible (TNGBL)
Tangible is an NFT investment platform that can invest in real-world physical assets such as gold, wine, and watches. On Tangible, users can use Tangible’s Stablecoin USDR to purchase physical goods such as gold, wine, and watches from global supplier audiences. After successful payment, a TNFT ("tangible non-homogeneous token") will be minted as a proof of physical purchase. The physical item is sent to one of Tangible's secure and insured storage facilities, while the TNFT is sent to the buyer's wallet. Users can also create an NFT market with physical support to sell goods on Tangible.
It is worth mentioning that Tangible’s Stablecoin USDR is mainly an over-collateralized Stablecoin that generates income tokenized real estate as collateral, and holding this Stablecoin can generate income. At present, Tangible’s TVL has reached 51.18 million US dollars, and the token has increased by more than 40% in the past month.
synthetic assets
20. Horizon Protocol (HZN)
Horizon Protocol is a synthetic asset platform on the BNB chain. Synthetic assets on Horizon Protocol are called "zAssets", which can track traditional assets such as stocks or stocks, commodities such as gold and oil, currencies such as US dollars or euros, and encryption such as Bitcoin. Asset price changes and risk-return status, etc., users can pledge their HZN to mint synthetic assets zAssets to obtain interest.
