The RWA track is the most popular this round #Ondo It has more than doubled in the past week and led the rise of the entire RWA track. According to CMC data, the current total market value of the entire RWA track has climbed to 57 billion.
In the article I wrote before about infrastructure mergers, the merger of Klaytn + Finschia, two Internet-based infrastructures, claimed that the focus was not on the social track, but on RWA.
-Some views on RWA
RWA is a track that is very taxing on the regulatory environment because the meta-concept involves creating bond-like businesses in crypto based on a portfolio of real asset returns.
Then financial supervision is a problem that needs to be overcome. Without supervision, this business cannot be carried out in this region.
On March 21, BlackRock launched the tokenized fund BUIDL. BlackRock will pay daily accrued dividends directly into investors’ wallets as new tokens, which will provide qualified investors with the opportunity to earn U.S. dollar income. Opportunities, and most importantly, this is a paradigm that combines traditional financial gameplay with tokens, allowing investors to earn income while holding tokens.
At that time last year, I thought Hong Kong would become the main place for the RWA market, because security tokenization had become an underwater but predictable trend at that time.
But since the WLD withdrawal happened a while ago, I have been a little disappointed and changed...
Japan and South Korea, which are also eager to try encryption regulation, have a relatively clear regulatory environment, so it is understandable that the Internet giants of these two countries are betting on RWA.
-The RWA leader of two-chain protocols: NEOPIN
NEOPIN was previously the most active Defi protocol on the Klaytn chain, and when I was looking for information about the merger of the two chains in the past few days, I noticed that the protocol is an RWA ecosystem that has a deep connection with the two projects.
(I am also involved in the governance of two projects)
Moreover, its latest RWA asset is also supported by #ENA , which will start a new phase of Binance new currency mining (the new currency Ethna will also be analyzed as usual in the near future)
-TVL data on the chain
At present, its on-chain TVL accounts for 77% of the Klaytn chain (the website shows that the total TVL value is 70 million, and NPT accounts for 54 million). Starting from the second place, they are basically native applications on the chain, and the current on-chain TVL statistics There is a bit of distortion, but even if you remove the uncounted distortion, NPT’s on-chain TVL ratio will be around 50%.
At the same time, we can also see that the growth trend of its TVL in the past year has been very steep, especially in the past quarter, which has basically doubled, while it has increased three times in the past year.
Looking at the growth curve of KlaySwap, which is native to the second chain, it almost maintains a steady downward trend. The current TVL on the $KLAY chain is basically supported by NPT.
As a long-established regional infrastructure, this is a somewhat exaggerated ratio (although Klaytn itself does not have much TVL on the chain)
-Token Economic Analysis
Basically, NEOPIN is the leader of RWA on the new infrastructure chain. We can take a look at its token economic composition:
(1) The portion allocated to the ecosystem by NPT accounts for 50%. Friends who have read my previous article should have the impression that the token distribution of Finschia and Klaytn also has a single expenditure of 50%.
In fact, judging from my past experience in token allocation of so many projects, it is very rare for a single expenditure share to exceed 40%, and whether it is the two L1s that provide infrastructure support for NEOPIN or NEOPIN itself, both 50% of a single expenditure is accounted for. I don’t know if it is a feature of the ecosystem or for some reason (but 50% of NPT has other uses) * Liquidity accounts for 30%, but there is a high chance that it is at one address, otherwise it will It is broken down directly and will not be included in one section)
The proportion of investors is very small, and the team is not large (compared to other projects), but it can still be said that the large amount of chips is controlled.
Regarding the proportion of large amounts, I will not mention who owns the control rights of this part, but one thing can be made clear: large amounts are restricted and locked. For participants in the secondary market, the reference significance is very basic. According to the principle, large allocations will definitely be watched. Our original traditional structure of 3:3:3:1 mainly focused on the trends of institutions and project parties.
But for this kind of 50% as a single expenditure, it is actually enough to focus on this one item, and it is not feasible if the expenditure is not explained clearly.
-Trend analysis
The current price has reached the resistance position of last year's Hong Kong market. It is very interesting. After a year, it happens to be during the Hong Kong Carnival that it has once again launched an impact on this range. Friends who are more sensitive to market information should notice it. There has been a lot of news about NPT recently, basically to overcome the big resistance in these stages.
The last time ACE was also an upgrade of infrastructure fundamentals + a lot of market news, but the impact was not successful, but NPT still has certain upward expectations. I think it is still very possible. Once it is crossed, the next resistance position is 2-2.1 .
And NPT is not reorganizing like infrastructure. The reorganization of the chain is a short-term plan that cannot be completed quickly and can only be promoted step by step. However, the tone of the bet on RWA has always been kept, and NPT will also maintain this tone. The overweighting brought continuous market attention.