Overview of the RWA track: 10 major project progress and 20 early projects

Original author: flowie, ChainCatcher
Although RWA has been unable to escape the criticism that it is an old story cutting off a new round, from the beginning of the year to now, RWA has seen a continuous entry of institutions to "add bricks and tiles" to it, and the RWA concept token has seen a good growth, which has indeed brought some highlights to the sluggish crypto market.
At the beginning of the year, we briefly analyzed the reasons for the rise of RWA in the article "RWA, which is being deployed by major institutions such as Binance and Goldman Sachs, is it the next round of growth engine of DeFi or a flash in the pan?" At that time, the entry of major institutions such as Binance, Goldman Sachs, Hamilton Lane, and Siemens and the intensive deployment of some on-chain US debt agreements attracted attention to RWA. Behind the concentrated surge of on-chain bonds, a key driving factor is that the low yield of DeFi in the bear market cannot meet the income needs of crypto users. With the Fed's continued interest rate hikes, on-chain US debt does provide a new income plan for crypto users.
A few months later, under the crypto narrative of the US SEC's regulatory crackdown and BlackRock's application for Bitcoin spot ETF and other TradFi institutions entering the market, RWA may have exploded again due to the compliance context, and there have been a series of highly-watched events in the RWA field recently:
The founder of Compound founded a new company called "Superstate" to tokenize U.S. debt on Ethereum;
Maker purchased $700 million in U.S. Treasuries and raised its short-term U.S. Treasury bond investment limit to $1.28 billion;
What is more noteworthy is the entry of the national team: Bank of China International issued 200 million digital notes for the Hong Kong market through UBS. This is the first such product that complies with Hong Kong and Swiss laws and is tokenized on the Ethereum blockchain.
The Hong Kong Securities and Futures Commission (SFC) has changed its attitude towards RWA assets. Elizabeth Wong, head of the fintech group, said in an interview with Eliptic that the SFC will soon launch an update, Securities Tokens or RWAs will not be defined as complex products, and will have the opportunity to be opened to retail investors, and RWAs will be regulated based on underlying assets.
In addition, Sun Yuchen, who has never missed any hot spots, is certainly not idle. On July 4, TRON Ecosystem announced the launch of the RWA stable staking product stUSDT, allowing users to stake USDT to obtain RWA rewards.
After several months of preparation at the beginning of the year, the successive assists from the old DeFi protocols and the entry of the national team led to a strong reaction in the RWA secondary market, with tokens such as MRK and COMP rising sharply.
At the same time, compared with the first half of the year, the crypto community's doubts about RWA seem to have eased, and there is no shortage of such sentiments: many Crypto natives now sneer at RWA, just like their attitude towards DeFi Summer in 2020, and the result is that they missed a wave of innovation.
Since the concept of RWA is very broadly defined, the actual development of this field seems vague. This article mainly combines the RWA section of the encrypted data platform RootData to sort out the progress of the more head projects under the specific RWA concept and some early projects that have highlights in financing or models, and takes a look at the development of the RWA track.
RWA represents the latest progress of the project
According to statistics from CoinMarketCap, the total market value of RWA concept tokens currently exceeds US$2 billion.
Except for some old DeFi, RWA projects are generally in the early stages. We first sort out the relatively leading projects in different segments to understand their actual progress or next plans in RWA planning in the past six months when RWA has continued to be popular. Overall, the top 10 RWA concept tokens with relatively high market capitalization have all risen in the past month, among which Compound has the highest increase, exceeding 100%.
US Treasury Bonds on Chain
1、MakerDAO? k=MjQ%3D">MakerDAO（MKR）
DAI, a stablecoin pegged to the US dollar issued by MakerDAO, is currently one of the most common use cases of RWA. MakerDAO is also a DeFi protocol that has incorporated RWA into its strategic planning earlier. In 2020, it passed a proposal to use RWA as collateral in the form of tokenized real estate, invoices, and accounts receivable to expand the issuance of DAI.
MakerDAO has established multiple RWA vaults, and most of the collateral in the RWA vaults is US Treasury bonds. This year, when DeFi is generally sluggish, MakerDAO has continued to increase its RWA layout, especially its investment in US Treasury bonds.
RWA-based vaults on MakerDAO Source: Dune Analytics (@SebVentures), Binance Research
In April, MakerDAO approved opening a real-world asset (RWA) vault for Coinbase Custody and transferring up to $500 million in USDC stablecoins, with Coinbase Custody paying 2.6% annual interest on deposits.
In June, MakerDAO purchased and invested in U.S. Treasuries through the RWA treasury. MakerDAO first passed a referendum to add BlockTower Andromeda (RWA 015) as a new treasury type for real-world assets (RWA). The treasury is managed by asset management company BlockTower Capital and will invest up to $1.28 billion in short-term U.S. Treasuries. The funds come from Maker's over-collateralized stablecoin DAI. Maker will pay BlockTower Capital a 0.15% arrangement fee.
Soon after, MakerDAO purchased $700 million in U.S. Treasuries through digital asset management company Monetalis Clydesdale Vault. Together with the $500 million in bonds that MakerDAO initially purchased in October 2022, its total bond holdings currently exceed $1.2 billion.
The more efficient allocation of assets in the balance sheet to treasury bonds and investment-grade bonds, as well as the increase in fees charged to DAI borrowers, have led to a significant increase in MakerDAO's revenue. According to Defilama data, MakerDAO's profit reached $8.32 million in June, compared with $5.48 million in May and more than $3 million before April. As revenue and profits rose, in June, MakerDAO announced that the DAI deposit rate would be raised from 1% to 3.49%, an increase of more than 3 times.
According to the Dune panel data analysis compiled by @SebVentures, MakerDAO's RWA assets have gradually expanded to account for 45% of all its assets, far exceeding the 26% of its stablecoin assets, and contributed more than 52% of MakerDAO's revenue.
2、Compound（COMP）
Compared to MakerDAO's continued layout on RWA, Compound's sudden announcement of the establishment of a new company focusing on on-chain bonds, Superstate, and its entry into RWA quickly ignited the market.
It is reported that Superstate's fund will invest in "ultra-short-term government securities", including U.S. Treasury bonds, government agency securities and other government-backed instruments. Superstate announced that it has completed its seed round of financing. The specific amount of financing has not been disclosed. This round of financing was participated in by ParaFi Capital, 1kx, Cumberland, CoinFund and Distributed Global. However, Superstate is still in the application stage.
3、Aave? k=MTA 2">Aave（AAVE）
Aave followed MakerDAO and announced the launch of the RWA market in 2021, which also allows collateralized lending of real assets. Like MakerDAO, Aave uses Centrifuge as an RWA provider. Its RWA market enables Aave depositors to earn returns on real-world collateral, while Centrifuge asset originators can borrow funds from Aave. Currently, the Aave RWA market size is around US$7.635 million, and only one USDC market can still provide deposit and lending APY, while other markets no longer provide it.
In February this year, Aave's native stablecoin GHO launched a testnet. GHO is an overcollateralized stablecoin backed by multiple crypto 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 native stablecoin GHO on the mainnet". If the proposal is passed, GHO will run on the Ethereum mainnet, Aave V3 users on Ethereum will be able to mint GHO using collateral, and the DAO treasury will receive 100% of the GHO lending interest as additional income.
As MakerDAO and Compound continue to work on RWA, Aave is also rumored to step up its efforts in RWA.
4、Ondo% 20 Finance? k=MzEyOQ%3D%3D">Ondo Finance
Ondo Finance was founded in 2021. Its 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, Wintermute, etc.
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 four investment funds - U.S. Money Market Fund (OMMF), U.S. Treasury Bonds (OUSG), Short-Term Bonds (OSTB), and High Yield Bonds (OHYG), marking these investment funds as RWAs (called "fund tokens"). After users participate in the KYC/AML process, they will be able to trade fund tokens and use these fund tokens in licensed DeFi protocols.
The Ondo Finance team also developed a decentralized lending protocol Flux Finance, which specializes in investing in BlackRock's iShares Short-Term Treasury Bond ETF (SHV). The protocol offers a variety of tokens for lending, such as USDC, DAI, USDT, and FRAX, with OUSG as the only collateral asset. OUSG holders who pass KYC are able to deposit in Flux Finance for lending, and lenders can provide stablecoins to earn returns. Earlier this year, Flux Finance was launched on the Ethereum mainnet.
According to Dune panel data analysis, the current market value of bond tokens exceeds $200 million, Ondo (OUSG) has nearly 50% of the market share, with a market value of more than $130 million. At present, Flux Finance TVL has also exceeded $40 million.
Borrowing
5、Centrifuge（CFG）
Founded in Centrifuge, it is one of the earliest DeFi protocols involved in RWA, and is also the technology provider behind head protocols such as MakerDAO and Aave. Centrifuge currently has a total of 17 RWA asset pools.
According to Centrifuge’s latest semi-annual report, the $220 million RWA treasury BlockTower deployed by MakerDAO this year has brought great growth to Centrifuge, helping its TVL rise to $210 million.
In addition, another major 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 built for DAO and DeFi protocols, a complex tokenization and issuance platform, decentralized and objective credit risk and financial reporting, and a variety of asset classes and issuers, solving many issues related to 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 19, so you can pay attention to it.
However, Centrifuge’s RWA asset pool was also exposed to have some bad debt problems. According to data from blockchain credit analysis platform rwa.xyz, there are about $5.8 million in unpaid loans in Centrifuge’s two lending pools, including consumer loans, invoices, and trade receivables.
The most distressed lending pool on Centrifuge, which provides funds to 1754 Factory to buy bonds for short-term capital point payments and provides small loans to French customers of the Bling fintech app, has 16 active loans worth about $5.1 million that are past due, with some loans more than 150 days past due. In addition, four loans worth $3.3 million in its REIF pool, which funds commercial real estate mortgages, are past due.
6、Goldfinch（GFI）
Goldfinch, founded by former Coinbase employees, entered the market later than Centrifuge, but it has obtained large amounts of financing from well-known institutions with its innovative model. According to RootData data, Goldfinch has completed three rounds of financing, raising a total of US$37 million, with participation from a16z, SV Angel, Alliance DAO, Balaji Srinivasan, Ryan Selkis and others.
Goldfinch mainly provides loans to debt funds and fintech companies, providing borrowers with USDC credit lines and supporting their conversion into fiat currency for borrowers. Goldfinch's model is very similar to traditional financial banks, but it has a decentralized pool of auditors, lenders, and credit analysts. Auditors who audit Goldfinch borrowers must have staked governance tokens GFI. Goldfinch can provide a high rate of return. Due to the low collateral threshold, Goldfinch's borrowers can pay an interest rate of 10-12%, and there is currently no bad debt situation.
Earlier this year, Goldfinch announced a pilot project to obtain credit only on Goldfinch by leveraging on-chain cash flows. In addition, Goldfinch launched a new transaction structure: callable loans. The product gives investors the option to withdraw their investment before the final maturity date of the loan. For the first transaction, the call payment period will be set every 3 months, requiring 60 days of advance notice of the call, but these parameters are customizable in the product's smart contract.
Goldfinch also announced the launch of a $2 million transaction with fintech company Fazz Financial, which can provide users with a 13% USDC fixed annual interest rate, support 90-day redeemable loans, and 60 days' advance notice. It is worth mentioning that this alternative asset class is not affected by cryptocurrency or stock market fluctuations, and its returns come from real-world economic activities. This offering will not be registered under the U.S. Securities Act of 1933 or any securities regulator in any state or other jurisdiction of the United States. Users participating in this offering are limited to U.S. qualified investors and non-U.S. persons who have completed qualified investor certification through Parallel Markets.
7、MAPLE（MPL）
Compared with private credit agreements secured by assets, Maple has provided a high level of active loans in the bull market due to its unsecured model. Unlike Goldfinch, which uses users as auditors, Maple will employ professional credit reviewers to strictly audit the credit of borrowers. However, under the unsecured model, with the collapse of Three Arrows Capital and FTX, Maple had $52 million in bad debts, and was controversial because it required KYC for loans and was not centralized enough. Recently, Maple has also expanded its lending model to reduce risks by using real assets as collateral.
In April this year, after Maple Finance announced that it would launch a U.S. Treasury bond pool, its token $MPL rose by more than 20%.
According to Maple Finance's latest 2023 first half summary and second half progress report. In the first half of this year, Maple Finance reduced concentration and default risks through new loan products. 1) Open term loans will allow users to withdraw loans at any time and more effectively manage the concentration risks 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 losses in the event of default; 3) The reduction in refinancing principal will allow refinancing to be proposed in the event of a decline in the borrower's creditworthiness, so as to reduce capital losses in the event of a default and more effectively manage concentration risks.
8、TrueFi（TRU）
TrueFi is an unsecured credit protocol driven by on-chain credit scores. Since its launch in November 2020, TrueFi has loaned over $1.7 billion to over 30 borrowers and paid over $40 million in interest to protocol participants. Borrowers include leading cryptocurrency institutions, as well as fintechs, credit funds, and traditional finance firms.
TrueFi has received a total of more than 30 million US dollars 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 that allows users to mint synthetic assets (sUSD) Synths by staking SNX. It not only supports synthetic stablecoins but also supports the use of synthetic assets to track prices of foreign exchange, stocks, commodities, etc.
In March this year, Synthetix completed a $20 million financing from DWF Labs and announced that DWF Labs will provide liquidity and market makers for SNX. In addition, Synthetix also released version v3, which increases the types of collateral assets, is compatible with EVM, supports cross-chain deployment, and optimizes developer tools.
Security Token Dedicated Layer 1
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 a node operator for Polymesh, and POLYX rose by more than 10% at that time.
On-chain real estate investment platform
11、Props（PRO）
Propy is a blockchain-based real estate platform that supports the buying and selling of houses using cryptocurrencies and in the form of NFTs.
On July 6, Propy also announced the integration of AI to improve real estate transaction efficiency. Perhaps under the dual hot narrative of RWA+AI, Propy's token PRO once rose from US$0.268 to US$0.571, an increase of more than 200%.
2. Overview of 20 early projects in seven RWA segments
According to the encrypted data platform RootData, there are currently nearly 60 projects in the RWA sector, with many innovative projects in the fields of on-chain bonds, credit and real estate. In addition to some of the leading projects mentioned above, we have screened early projects worth knowing in different segments of the RWA field based on project investment and financing, partners, and market attention.
It is worth mentioning that many of these RWA projects received investments from some well-known investors in 2020 and 2021, but the overall subsequent development was relatively slow. The main narrative is still how to invest crypto funds in real-world assets such as real estate and bonds, and borrowers can use real assets as collateral for loans.
On-chain bond investment platform
1. MoHash
MoHash provides investors with income products 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 in addition to trying bonds, MoHasH has recently been testing BBZ, a special options trading platform for pure on-chain assets.
2、OpenEden
OpenEden is an on-chain U.S. Treasury 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%. The increase in U.S. Treasury holdings is not restricted by U.S. trading hours and TBILL can be redeemed at any time. Currently, TBILL TVL has reached 12.96 million US dollars.
3、KUMA Protocol (MIMO)
KUMA Protocol is a project that was founded this year and provides interest-bearing tokens backed by bonds for investors to earn returns. KUMA Protocol stems from the work of two different organizations: Mimo Labs and the newly formed Kuma DAO. Mimo Capital AG uses NFT technology to tokenize bonds, while KUMA Protocol is a decentralized entity managed by MIMO token holders that 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 a Web3 startup supported by Huawei and Dogpatch Labs in the "Huawei International Scaling Program" held in Ireland. At the beginning of this year, Huawei's official Twitter also recommended Defactor, and at that time, Defactor's governance token FACTR soared, with the highest increase of about 800%. In the past seven days, FACTR has also risen by more than 30% under the RWA narrative.
5、AlloyX
AlloyX is a decentralized credit protocol. Lenders provide funds in the form of USDC to the vault, which aggregates assets from deposited tokens that are allocated and run according to the vault's preset parameters. By depositing USDC, users receive vault tokens based on a floating exchange rate and earn a yield.
Users are able to build and customize investment strategies based on their return, risk and liquidity preferences. AlloyX aggregates investments from nearly all credit and US Treasury protocols, including Credix, Goldfinch, Centrifuge, Flux Finance and Backed Finance.
On June 29, AlloyX completed a $2 million Pre-seed round of financing and announced the launch of its mainnet. Its investors include Hack VC Circle Ventures, DCG, etc.
6、OpenTrade
OpenTrade mainly provides Web3 companies with investment channels for on-chain supply chain financial products. Circle is a partner of OpenTrade, allowing Web3 companies to provide financing for small and medium-sized enterprises through USDC assets and obtain investment returns. OpenTrade just completed a $1.5 million financing in May, with Sino Global Capital, Kronos Research, Kyber Ventures, Polygon Ventures, Outlier Ventures, and Circle Ventures participating in the investment.
7、Clearpool（CPOOL）
Clearpool is a decentralized credit protocol that allows whitelisted institutions to borrow uncollateralized liquidity from a decentralized network of lenders. Clearpool received $3 million in seed funding in 2021, with participation from HashKey Capital, Sequoia India, Sino Global Capital, Wintermute, Huobi Ventures and others.
The founder of Clearpool also founded Hex Trust, an institutional-grade digital asset custody service provider, which 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 stablecoins in small and medium-sized enterprises and earn returns. Currently, the deposits on the Polytrade platform have exceeded 110 million US dollars. Polytrade has obtained a total of 5 million US dollars in financing through two rounds of financing, and investors include Polygon Ventures, LD Capital, Shima Capita, Matrix Partners, etc.
9、NAOS Finance（NAOS）
NAOS Finance is a decentralized lending protocol that allows Web3 users to lend to businesses in traditional industries and earn fixed-rate returns.
NAOS Finance completed a US$5.1 million private round of financing in 2021, with as many as 30 investors, including CMS Holdings, HashKey Capital, OKX Ventures, Spartan Group, Alliance DAO, Collider Ventures, AT Capital, Hash Global, Hot DAO, Richard Ma, Liang Xinjun, SNZ Holding, Mr. Block, Crypto.com Capital, Coinbase Ventures, etc.
However, according to the official Twitter account of NAOS Finance, the finances of NAOS Finance were affected by the FTX collapse. The V2 version that was originally scheduled to be launched around the end of last year failed to go online. The fund pool data on the official website could not be displayed, and the TVL was also shown as zero. However, its token has 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 credit scores by providing data on a variety of factors, including FICO credit scores, bank statements, accounting software APIs, and market reviews. ReSource completed a $1.7 million seed round of financing in 2021, with participation from NGC Ventures, BlockRock Capital, Flori Ventures, and others.
11、Believe（BELIEVE）
Credefi is a credit agreement that provides crypto loans to traditional SMEs in the EU. Lenders are required to use real economy assets 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 NFTs and DeFi loans, and attracts fan investment. Opulous has completed two rounds of financing, including a seed round of financing of US$1.5 million. Its investors include the Algorand Foundation, Kosmos Ventures, etc.
On-chain real estate trading platform
13、Parcl
Parcl is a real estate derivatives protocol. It allows Web3 users to use their own cryptocurrencies to go long or short on the real estate market in a certain region of the world. Parcl completed its mainnet launch in January this year. Previously, it had raised more than $12 million in 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 real estate investment platform for fragmented NFTs (F-NFTs). Investors will be able to purchase fractional real estate assets on the platform using Intelly’s INTL tokens. In addition to directly linking wallet investments, Intelly also allows users to stake cryptocurrencies in their Binance accounts to earn returns. Staking periods include 1 day, 1 week, 1 month, 90 days, 180 days, and 365 days.
In addition, Intelly is about to launch the real estate trading market Intelly Exchange, where 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 returns in the form of stablecoins. INTL tokens have risen 38% in the past month.
15、CitaDAO（KNIGHT）
CitaDAO is an on-chain real estate investment platform. Investors can subscribe to part of the real estate tokens (Real Estate Tokens) at an agreed price through an IRO (Introducing Real Estate On-chain) issued by a real estate project. If they miss the IRO, they can also directly purchase the real estate tokens with USDC to obtain returns.
After purchasing real estate tokens, investors can also choose to pledge them in the liquidity pool to provide liquidity and obtain rewards in the form of CitaDAO tokens KNIGHT.
On-chain carbon credit trading market
16、Clima DAO (AIR CONDITIONER)
KlimaDAO is a voluntary carbon credit trading market that issues KLIMA tokens, an algorithmic currency backed by carbon — each KLIMA token is pegged to 1 BCT (Basic Carbon Ton) token. Users can stake KLIMA through Klima DAO to generate yield. At the same time, KlimaDAO encourages emission reduction by buying 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 more than $4 billion.
It is reported that Klima DAO is a fork project of the stablecoin protocol Olympus DAO. It has accumulated more than $110 million worth of treasury assets in less than a month after 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 Layer 1 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 US regulation of the crypto market this year, the founder of Realio Network published an article in June to denounce the US government's unfriendly attitude towards cryptocurrencies. He said that since the company was founded in 2018, the core focus has been on compliance with regulations, because investing in real-world assets, whether on the blockchain or not, usually requires compliance with securities laws. However, the US government's inaction made the road to compliance difficult, and he eventually decided to leave the US market.
18、Boson Protocol（BOSON）
Boson is a public commercial infrastructure that can tokenize, transfer, and trade any physical object as a redeemable NFT. Boson has received more than $10 million in financing from investors such as Animoca Brands and FBG Capital.
Collection Investment Platform
19、Tangible（TNGBL）
Tangible is an NFT investment platform that allows users to 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 a global supplier audience. After the payment is successful, a TNFT ("Tangible Non-Fungible Token") will be minted as a voucher for the purchase of physical goods. The physical item will be sent to one of Tangible's secure and insured storage facilities, and the TNFT will be sent to the buyer's wallet. Users can also create a physical-backed NFT market on Tangible to sell goods.
It is worth mentioning that Tangible’s stablecoin USDR is an over-collateralized stablecoin with tokenized real estate as collateral, and holding this stablecoin can generate income. Currently, 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. The synthetic assets on the Horizon Protocol are called "zAssets". It can track the price changes and risk-return status of traditional assets such as stocks or shares, commodities such as gold and oil, currencies such as the US dollar or euro, and crypto assets such as Bitcoin. Users can pledge their HZN to mint synthetic assets zAssets and earn interest.