RWA and DeFi are benefiting from the new financial policy of the US, below are some insights for your reference.
1. Is DeFi the future of TradFi (over time)?
*TradFi: It took 2000 years to go from Coinage → Compliance. DeFi: Only took 10 years to nearly re-establish everything.
- 2013–2018 = Coinage phase $BTC & $ETH → The first digital currency reaches a billion-dollar market cap.
- 2018–2020 = Banking phase @MakerDAO & @AaveAave introduce Lending & Overcollateralized Loans into DeFi $MKR & $AAVE reach $1B.
- 2021 = Capital Market phase @Uniswap → Automated Market Making @FireblocksHQ → Custody 'DeFi Summer' explodes.
- End of 2021 = Derivatives @synthetix_io & @Securitize bring Futures + RWA into on-chain Yield strategy begins.
- 2022–2023 = Phase of controlling Terra/FTX/Celsius crash Policy 'Chokepoint 2.0' tightens DeFi.
- 2024–2025 = DeFi Retail @OndoFinance, @ethena_labs, @pendle_fi create liquidity for new generation stablecoins $ONDO, $ENA, $PENDLE reach $1B => WE ARE HERE!
- 2025–2026 = Compliance & ALM @KeyringNetwork & @infinifilabs build verification & liquidity governance platforms.
*Next? Synthetic Swaps, DeFi ETFs, Tokenized, CDS, AML infra
2. After ONDO, ENA, Securitize, is Converge the next card?
- @convergeonchain, launched by @ethena_labs and @Securitize, is a new Layer1 blockchain designed to connect permissionless DeFi and permissioned DeFi, allowing both individual and institutional users access to real-world assets (RWAs) such as USDtb, supported by BlackRock's BUIDL fund.
- Converge uses a governance token called $ENA, and this is the layer 1 that Ethena Labs mentioned earlier about launching (however, users can also choose to pay gas with $USDe or $USDtb, this is the first multi gas model mechanism on a Layer 1 oriented towards DeFi & TradFi)
- Converge is the only solution that allows both permissionless apps (Aave, Pendle...) and permissioned apps (Maple, Morpho...) to coexist on a single blockchain.
- By segmenting access through a whitelist based on KYC/KYB, compliance rules, while still maintaining decentralization.
=> Converge's main goal is to become the 'Ethereum of RWA DeFi' in a phase where TradFi needs a legal and efficient bridge to on-chain.
3. Personal conclusion
- The things I've mentioned above may seem confusing, but I think in the next 1-2 years it will likely be a story that gets talked about a lot.
- What do you all think? If you have any questions, feel free to comment and discuss with me.
#steven_research
