Source: Lightning HSL
From the recent development of the industry,RWA(real assets on the chain) track may be entering the stage of substantive realization. Coinbaseissued a news release claiming that it would map stocks to the chain.
But a closer look atcoinbasethis news shows that the current technology still uses asset synthesis rather than stock custody and1issuing tokens to achieve a two-way anchoring of stocks and tokens.
I feel that none of the current projects that put assets on the chain have grasped the essence of the cryptocurrency industry. The cryptocurrency industry actually has a very sophisticated, mature and reliable way to complete asset on-chain, which is the encapsulation model.
The encapsulation model is a very common technical paradigm for asset management and migration in the cryptocurrency industry.
Such as nativeBTCEncapsulated into wbtc-erc20
Such asLido encapsulates stETH into wstETH
wbtcand wstETHThese two cases provideRWA
Overview of several major asset chain projects in the current currency circle, Ondo,makerdaocoinbaseon-chain technology.
Ondois the most intuitive, hosting real assets in centralized institutions and then mapping tokens on the chain.
In fact, US dollar stablecoins like USDTand
USDCare the most successful cases of asset chain-in, using the US dollar and stablecoin 1:1USDTand leaf="">two-way anchoring, the US dollar is managed by a centralized institution, and the token circulates on the chain. USDTandUSDCare the most successfulRWAprojects.
Ondo's way of encapsulating assets is mainly very complicated due to legal supervision. It seems difficult to become popular on a large scale in the cryptocurrency circle, an environment that does not like to be regulated.
makerdaoput U.S. Treasury bonds on the chain. Its essence is to let a third party hold Treasury bonds, and then airdrop the proceeds of the Treasury bonds to s
Dai When ai is deposited into a contract, it becomes s). It feels like I just want to give some benefits to the holders of d ai. And now, coinbaseis trying to put stocks on the chain. In essence, it uses the technology of synthetic assets to generate stocks on the chain. The most famous one using this technology is
synthetixThis project. In fact, I think the simplest and most effective way is to package the two stablecoins of usdtandusdcto realize the national debt chain.
This requires usdtandusdcfor example.
design a deposit contract that allows users to deposit
usdcinto the contract, and return to the user wUSDCtokens used to measure the certificate of redemption of deposits. wUSDCfully complies with the ERC20standard and can flow freely in the market.
circleAs the parent company of usdc, take the deposit contractusdcDCinto the deposit contract.
This is how the Treasury bonds are put on the chain. Buying U.S. Treasury bonds simply becomes buying wUSDC.
The actual treasury bond trading and income are left to Circlecompany to complete.
Stocks can also use the same packaging technology, wUSDCcorresponds to the shares in the stock pool, and then wUSDCand the real stock price, someone will move bricks and arbitrage to achieve the same value on both sides.