RWA (Real-World Assets on-Chain): The hardest part isn’t tokenizing stocks, U.S. Treasuries, and other assets—it’s ensuring these tokens have enough liquidity, can be traded smoothly, and can be used for hedging.
Liquidity competition is divided into four layers
ONDO: Responsible for bringing traditional assets onto the blockchain—like an “asset supplier”—but not necessarily in possession of deep liquidity for secondary-market trading.
UNI: Focuses on spot trading pools and order matching, and is seen as an important bridge for public-market spot liquidity.
HYPE: Focuses on perpetual contracts, leverage, and shorting demand, emphasizing 24/7 price discovery and risk hedging.
LINK: Doesn’t directly run trading pools, but enables interoperability across chains through cross-chain technology and oracle standards, so assets, collateral, and prices on different chains can work together.
In short: Putting RWA on-chain is just the beginning. What truly determines where value belongs is who controls spot execution, derivatives hedging, and cross-chain capital flows. The article argues that future competition won’t be only about “who issues more assets,” but about “who can concentrate liquidity.”
Liquidity competition is divided into four layers
ONDO: Responsible for bringing traditional assets onto the blockchain—like an “asset supplier”—but not necessarily in possession of deep liquidity for secondary-market trading.
UNI: Focuses on spot trading pools and order matching, and is seen as an important bridge for public-market spot liquidity.
HYPE: Focuses on perpetual contracts, leverage, and shorting demand, emphasizing 24/7 price discovery and risk hedging.
LINK: Doesn’t directly run trading pools, but enables interoperability across chains through cross-chain technology and oracle standards, so assets, collateral, and prices on different chains can work together.
In short: Putting RWA on-chain is just the beginning. What truly determines where value belongs is who controls spot execution, derivatives hedging, and cross-chain capital flows. The article argues that future competition won’t be only about “who issues more assets,” but about “who can concentrate liquidity.”