A new, easily overlooked direction for RWA: not real estate, not bonds, but internet domain names themselves. The project is called Doma Protocol. Initially, I thought it was just an "on-chain name" like ENS, but after carefully reviewing it, I realized it's on a completely different track. ENS solves Web3 identity, while Doma solves a more fundamental problem: how to transform real-world internet assets into on-chain tradable, interest-bearing financial assets.
Domain names are an asset class that has been undervalued for decades. They are naturally scarce, globally recognized, have stable consensus, and have long had a mature Web2 pricing system. The only problem is that in the past, domain names only had two states: either they were held onto and refused to sell, resulting in no cash flow; or they were sold as a whole domain, a one-off transaction. The value space in between has never existed.
What Doma does is pry open this space.
Within its protocol, a real-world, usable domain name can be converted into an on-chain ownership NFT, which can then be further broken down into ERC-20 tokens for trading. Crucially, this process does not disrupt the original DNS functionality; the domain name can still be resolved and used normally.
This step is crucial. It signifies that, for the first time, a domain name has transformed from a "statically owned asset" into a "dynamic financial asset." You no longer need to sell the domain name to generate returns through liquidity, pledging, subdomain licensing, and other means. A domain name begins to resemble a piece of land that generates income, rather than just a house number.
This is why I believe Doma is a severely underrated RWA narrative. Many real-world assets get bogged down in issues like ownership verification, custody, and legal disputes when put on-chain, but domain names are native digital assets with globally unified rules, no need for offline settlement, and virtually no additional friction. Instead of forcibly moving offline assets onto the blockchain, it's better to maximize the financialization of the internet itself.
This is also evident from its funding background. Paradigm and Coinbase led a total funding round of $30 million, betting not on "just another app," but on a completely new asset layer. You may not like Paradigm's style, but it almost never hesitates to discover new markets and establish pricing anchors.
With the Doma mainnet just launched, the most noteworthy aspect right now isn't the protocol token, but rather the initial batch of domain names tokenized on the platform. These initial domain names will naturally become the anchor for subsequent pricing, which is crucial in any new market.
In this context, domain tokens like $BONER become quite interesting. It's not just a meme, but an emotional asset anchored to real-world domain assets. It allows users to benefit from the volatility generated by emotions and word-of-mouth, while also having the underlying support of real-world domains, and participating in the liquidity and platform incentives of the Doma ecosystem.
From a trading perspective, this is the first time a domain name has possessed on-chain pricing, trading depth, and room for sustained competition. The difference between it and a pure meme is that it's not backed by abstract concepts, but rather by real brand value, search awareness, and commercial potential.
If you want to participate in the Doma or $BONER sale, there's a practical point to note beforehand: you need to cross-chain your funds to the Doma chain first. You can first transfer a small amount of ETH as gas, and then transfer USDC to the Doma chain via Stargate. Once received, it will be displayed as USDC.e. The Doma website also provides an official cross-chain entry point; the process is not complicated.
It's important to clarify that this is still a very early market. Early-stage liquidity is limited, cognitive premiums rise quickly, and drawdowns can be severe. But precisely because of this, it hasn't been fully saturated with sentiment and capital; it's a stage where only those willing to understand the narrative beforehand can participate.
My overall assessment of Doma is quite simple:
The second half of RWA's journey may not just be about bringing more traditional financial products onto the blockchain, but about transforming the internet itself into a measurable, composable, and distributable asset system. Domain names are the most natural and cleanest entry point on this path.
The era of financializing house numbers may have only just begun.
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