Kutheni ii-RWAs ziza kuKhokela ukuHlaziywa kwe-DeFi ka-2025

Ukusukela oko kwawa yintlekele ngo-2022, imakethi yezemali (DeFi) izabalazile ukuba iphinde ifumane uzuko lwayo lwangaphambili.

Ixabiso lilonke elitshixiweyo (i-TVL) kwi-DeFi okwangoku lihleli kuyo I-92 yeebhiliyoni zeerandi – phezulu kakhulu kunomgangatho rock-ezantsi ngaphantsi $40 billion yafikelela ngoJanuwari 2023, kodwa akukho ndawo kufutshane nencopho yayo $179 billion ngoDisemba 2021, nangona imarike ebanzi crypto ukodlula cap yayo yangaphambili kwimarike lonke ixesha eliphezulu kwiinyanga ezidlulileyo.

Kukho izizathu ezininzi zoku. Uninzi lwabo baye bazama ukubolekisa ngemali, ukuboleka kunye nokufuya isivuno batshiswe kakubi ngo-2022, kwaye isivuno asisafani nakuqala. Ingakumbi xa ooNondyebo bebevelisa i-5% ngonyaka. Ngee-stablecoins kwi-ecosystem ye-DeFi enikezela ngokungekho ngaphezulu - ngokuqhelekileyo malunga ne-8-10% - umngcipheko kunye nobunzima bubeka abasebenzisi abaninzi.

Ayisiyiyo kuphela ingxaki ngeDeFi, kunjalo. Ukuboleka kunye nokuboleka kwi-blockchain kubandakanya ukubeka i-cryptocurrencies njenge-ETH okanye i-Bitcoin njengesibambiso, kodwa i-cryptocurrencies iyaguquguquka. Oku kuthetha ukuba iimali-mboleko ze-DeFi kufuneka zigqitywe ukunqanda ukuthengiswa korhwebo xa amaxabiso eethokheni efumana iintshukumo ezigqithisileyo, njengoko zihlala zisenza. Nangona i-stablecoins, imingcipheko ihlala iphezulu kakhulu kunempahla yemveli. Kwaye ke, ngelixa oku bekufanelekile kwi-1,000% yezivuno, ayisiyiyo imbuyekezo yepesenti ephindwe kabini.

Isithembiso see-RWAs

Yilapho i-asethi yehlabathi yangempela (i-RWAs) ingena khona. Ngelixa i-DeFi yayiphazamiseka kwi-doldrums, abadlali abakhulu bamaziko afana ne-BlackRock, uJP Morgan kunye noFidelity baye bazama ngokuthula kunye ne-RWAs - ii-asethi ezivela kuqoqosho lwemveli eziziswa kwi-chain ngokusebenzisa i-tokenization. Ewe, kulo nyaka uphelileyo, i-CEO yeBlackRock uLarry Fink ngokwakhe ubhengeze i-tokenization into enkulu elandelayo kwihlabathi lezemali-kwaye ihlabathi lithanda ukumamela uLarry Fink.

Olunye lwawona maphawu abonakalayo okuqhubela phambili kwi-RWAs inokubonwa kwintengiso ye-Treasury, eye yanda ngesantya esichukumisayo. Ngoncedo lwamaqonga afana ne-BlackRock's BUIDL kunye ne-FBOXX kaFranklin Templeton, i-market cap yemveliso ye-Treasury ye-tokenized iphindwe kathathu ukuya kwi-3 yeebhiliyoni zeedola phakathi kuka-Matshi noDisemba kunyaka ophelileyo. Ngamazinga enzala kwishumi elinesibini leminyaka ephezulu, la maqonga anikeze abatyali-mali kwi-chain isivuno esizinzile, esixhaswa ngurhulumente esifikelelekayo kwaye siselubala.

Kodwa i-tokenization ye-RWA ayikho nje malunga noNondyebo, kunjalo. Uluhlu olukhulayo lwe-asethi lufumana ubomi obutsha kwi-blockchain - ukusuka kwi-real estate, ukuya kwiimpahla ezifana negolide kunye neoli, ukuya kwizinto ezinqabileyo ezifana nedayimane. Enyanisweni, nayiphi na i-asethi yotyalo-mali evela kwihlabathi lemveli inokuziswa kwi-chain. Kwaye ezi asethi zinethokheni ziphawula inguquko elandelayo ye-DeFi-enye ifuna ngamandla ukulungisa umfanekiso wayo owonakeleyo, izise abasebenzisi abatsha kwi-ecosystem kwaye ikhulise i-TVL yayo igqithile kwincopho yangaphambili.

Ukuphefumla ubomi obutsha kwiDeFi

Enye yezona zinto zivuyisayo malunga nee-RWAs kukuba basombulula imiba ephambili kunye ne-DeFi collateral ngokubonelela ngendlela ezinzileyo, ethembekileyo kwii-cryptocurrencies eziguquguqukayo. Awunakuthatha imali-mboleko ye-100% ngokuchasene ne-Ethereum yakho yokubamba ngenxa yokuba ingaxabisa i-20% ngaphantsi ngomso ukuba imvakalelo iyatshintsha okanye iindaba ezimbi ziyaphuka.

Kodwa ngokuqinisekileyo unokuthatha imali-mboleko enkulu kwindlu yakho-enkulu kunexabiso laloo ndlu, enyanisweni. Ngokulinganayo, ungasebenzisa ngokukhuselekileyo igolide okanye i-US Treasuries njengesibambiso semali-mboleko ngolwazi lokuba ngokuqinisekileyo abayi kuhla ngexabiso nge-20% ngobusuku. Ezi zonke zizenzo eziqhelekileyo kwihlabathi lezemali zemveli, kodwa kwihlabathi le-DeFi, le iseyindawo esanda kuzalwa. Nangona kunjalo, ukuboleka kunye nokuboleka ii-RWAs kuqokelela ngokukhawuleza umphunga.

Ukusukela ngo-2022, uninzi lokuqina kwimakethi ye-DeFi, njengeMakeDAO, i-Aave kunye neMali yeMaple baye badibanisa i-RWAs ukuze bahlukanise iipotfoliyo zabo zokubolekisa. Ngokomzekelo, i-MakerDAO yandisa ngokuthe ngcembe ukuvezwa kwayo kolu didi lwe-asethi emva kwe-2022 de i-RWAs ifikelele kwi-25% ye-balance sheet yayo. Ngokufanayo, uluntu lwase-Aave luvume isiphakamiso sokwabela i-1 yezigidi zeedola ukusuka kwi-treasure yayo ukuya kwi-RWAs ngoSeptemba 2023. Ngaphandle koko, abadlali abatsha abaninzi nangakumbi abeza kwimarike ye-DeFi bahlola ukuhlangana phakathi kwe-DeFi kunye ne-RWAs.

I-DeFi 2.0

Ewe kunjalo, oku ayisiyiyo kanye iDeFi njengoko yayinjalo ngo-2021: iparadesi yokulima isivuno esinokwaliwa kuyo nantoni na ebekwe kude. Kodwa ngelixa i-1,000% yeefama ze-APY zenza abanye abantu batyeba, oku bekungasoze kugcineke. Ngoku, lixesha lokuba iDeFi ekugqibeleni ikhule. Isenokubonakala ixakile, kodwa ekuphela kwendlela iDeFi inokuba nekamva eliqaqambileyo kukudibanisa nenkqubo yezemali yemveli, kwaye iiRWAs zinika eli thuba.

Ngoncedo lwee-asethi ezinophawu ezifana ne-real estate, imveliso kunye noNondyebo, i-DeFi inokuququzelela zonke iimeko zokusebenzisa ebesithetha ngazo ukusukela kwiintsuku zayo zokuqala, kodwa ayizange ifumaneke ngokupheleleyo. Iimali zokubambisa ezikwi-chain ziyakwenzeka ngokuboleka ezindlwini, i-oyile negolide ingasetyenziselwa ukuboleka kunye nokuboleka ngexabiso elinobubele, ngelixa ii-T-bills ezinophawu zinokulinganisa iimarike zerepo.

Kwaye kwabo baphoswa yiDeFi yakudala, kusekho amathuba okulima emveliso phaya. Ngokuqinisekileyo, ii-APYs azikho nto imangalisayo, kodwa isibambiso esizinzile ngakumbi sivumela abarhwebi abanamava ukuba bathathe amandla ngaphandle kokuvuka ngokubila okubandayo rhoqo ebusuku ukusuka kumaphupha amabi malunga nokuvalwa. Ii-RWAs zenza i-DeFi ingoyiki kwaye isebenziseke lula-izithako ezibini eziphambili zovuselelo oluhlala luhleli. Kwaye i-2025 ngunyaka ii-RWAs ezibuyisela i-DeFi ebomini.