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The article argues that the key to RWA lies not in issuance scale, but in whether it can enter on-chain collateralization, lending, and trading.
TOKEN2049 Observation: No RWA，DeFi Is it dead?RWA is DeFi the only way out of “scale following token prices.” But the real dividing line is not issuance scale, but whether these assets can become on-chain collateral, enter real lending and trading, and be put to use.
Source: https://www.panewslab.com/zh/articles/01a1170e-6f5b-73a0-bcbd-731f544e188b
The original text states that RWA is DeFi the only way out of “scale following token prices.”
The original text states that the real dividing line is not issuance scale, but whether assets can become on-chain collateral and enter lending and trading.
The following is analysis, separate from reported facts. Verify important claims independently.
This passage expresses an industry judgment: to assess whether RWA has DeFi value, one cannot look only at how many assets have been issued; one must also examine whether those assets are actually used for on-chain collateralization, lending, and trading.
If RWA only increases issuance without practical utility, the original text considers it insufficient to become a key driver of DeFi development; actual usage is the focus of observation.
Beginners should focus on distinguishing between “assets issued” and “assets actually used”: the former concerns quantity, while the latter means that assets have entered collateralization, lending, or trading scenarios.
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Representing ownership of off-chain assets such as government bonds, real estate, or commodities in the form of blockchain tokens.
View glossary →A decentralized financial system that conducts activities such as lending and swapping through blockchain protocols.
View glossary →An asset provided by a counterparty to guard against potential losses, which may be liquidated in the event of default to compensate the lender for its loss.
View glossary →