The recent market is indeed so dry it feels like crypto might be about to crash to death. But if you break the market down, you’ll see a different perspective—for example, the stablecoin narrative has already hit a growth bottleneck, and since the start of 2026 it has still stayed around the $300B mark.

But the RWA track has been continuously attracting capital, and nobody even brings up US stock tokenization. Whether on CEXs or DEXs, everyone is listing US stock tokens like crazy. Growth in other RWA sub-sectors is also clearly evident: since the beginning of the year, the market size has grown from $23.4B to $37.2B—up 58% in seven months.

Uncle thinks the logic of finding projects through the RWA thread is relatively solid, so he’d like to share today’s investment research project: Dow Prototol.

1. Basic information about the project

1️⃣ Project overview

  • Dow Protocol is a project focused on RWA + PayFi. Its core narrative is to move e-commerce merchant financing, accounts receivable, risk screening, repayment routes, and cross-border settlement onto the blockchain. The main source of returns is “real merchant loan cash flow”

2️⃣ Funding and investment, and the team

  • Uncle got interested in this project because of the $9 million funding disclosed on July 28—led by MH Ventures, with participation from Animoca Brands, OKX Ventures, and Arcane Group

  • For the team, you can see the founder, Trevor Xu, who previously was the founder of Tagger and an advisor to Surf Protocol. There’s also a co-founder, David Chen (no social media account available yet)

3️⃣ Key progress timeline

  • Apr 3, 2026: The first vault goes live. Lista DAO (BNB Chain) RWA vault is about $3.0 million, with 10% APY and a 90-day term; Volo (Sui) vault is about $0.5 million. Both sold out in full subscription. Funds are directed to real e-commerce cash flow

  • July 2026: Season 1 vault matures (July 8). After settlement, you can claim principal + yield, with no bad debts

2. How to participate

Uncle is involved in quite a few RWA projects too. Most of the logic is: deposit to earn yield and points—this Dow project is no exception.

Right now, the only two vaults are both full, so deposits are paused. Later, you can wait for the opening of the Dow E-Commerce Financing Vault Season 2

So below, Uncle just shows the steps.

1️⃣ Go to the official website

  • Go to the official website (search it yourself) and click the wallet link in the top-right corner

2️⃣ Choose a Vault to deposit money

  • Click on “Vaults” at the very top of the page—you can see all the vaults. For example, choose the first one: “Dow E-commerce Financing Vault Season 1”

  • Once the next rounds open, you’ll be able to deposit

3️⃣ Complete some tasks to earn points

  • At the very top of the page, tap “Points”, then connect/bind your Sui wallet, because one of the pools is based on the Sui chain

  • Scroll down and you’ll see four tasks—just knock them out顺手

That’s it for now—just reserving a spot. We’ll talk when the new vault opens later

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