Written by: Haotian
Seeing the news in the market about @plumenetwork raising $20 million, my intuition tells me this will be a benchmark event driving the development of the RWA track. Simply put: Plume classifies all of these into the category of RWAFi through a full-stack vertical integration technology framework and provides comprehensive infra+ compliance services. Let me share my thoughts simply:
1) The development evolution of the RWA track has always been insufficiently systematic. The core business development logic involves large asset injection on-chain + off-chain compliance and legal framework resource capabilities, as well as various 'experimental' applicable scenarios, covering various fields such as real estate asset tokenization, art collectibles tokenization, security-type asset tokenization, supply chain finance tokenization, cross-border trade tokenization, and so on.
It will be found that these scenarios are quite fragmented, but as projects like Ondo and Huma model in various vertical scenarios, and as the fragmented scenarios become more abundant, platforms like Plume that offer aggregated services naturally emerge, which is a manifestation of the increasing maturity of the RWA track.
2) Based on the previous premise, Plume has built a modular infrastructure specifically for the RWA track, such as a tokenization construction engine aimed at the creation, registration, and management of RWA asset tokens, and considers compliance and security at the asset issuance stage to ensure that the starting point of the platform's RWA assets can be deployed quickly, economically, and in compliance.
For example, Plume has built a Nexus on-chain data service aimed at integrating reliable off-chain data and incorporating more real-time off-chain data into the blockchain system in the form of oracles, essentially customizing a dedicated oracle data pipeline suitable for the RWA track.
In addition, facing fragmented compliance service demands, Plume leverages the unified integration advantage of the platform to directly incorporate 'compliance' suppliers into the upstream supplier system of the platform business to ensure that tokenized assets on the Plume platform can meet compliance and regulatory requirements from the start.
Of course, some uniformly equipped wallet asset management tools, including the integration compatibility of various token standards such as ERC20, 721, 1155, 3643, and composability integration with other on-chain DeFi infrastructure, will also provide comprehensive services.
3) In terms of narratives on Ethereum's layer2, there are many technical frameworks such as OP Stack, ZK Stack, Polygon CDK, Rollup as a Service, etc., but the logic of these B2B stacked frameworks is more likely to retain developers and quickly deploy some infra in a homogeneous manner.
In contrast, Plume faces greater challenges in building modular integrated services in the direction of RWAFi. The main reason is that there are existing on-chain DeFi infrastructure experiences regarding on-chain token standards, wallet adaptation standards, and DeFi ecosystem composability, but issues of off-chain compliance, Oracle data credibility, on-chain liquidity volatility and regulatory terms divergence, as well as on-chain behavior transparency and privacy protection, etc.
There are too many complex technical challenges such as operations and risk control waiting for Plume to solve.
However, as an RWAFi aggregation service platform, Plume's opening performance has been quite good, having accumulated over 180 applications and protocols, and the test network has already attracted over 3.75 million users, generating hundreds of millions of transactions.
This is actually not difficult to understand. Once the RWAFi aggregation platform effect occurs, it will naturally become a comprehensive portal for the RWA ecosystem, driving the RWA track to release its potential more quickly and efficiently.