DeFi+RWA企业融资新热潮？背后的冷静思考与解析

Core Viewpoint - The combination of DeFi (Decentralized Finance) and RWA (Real World Assets) presents an appealing narrative for businesses, but many current solutions are based on outdated technology and may not deliver the promised benefits, leading to potential pitfalls for enterprises [1][9]. Group 1: Understanding DeFi and RWA - DeFi refers to a blockchain-based "automated financial supermarket" that eliminates traditional intermediaries through smart contracts for various financial activities [5]. - RWA involves mapping valuable real-world assets into digital tokens on the blockchain, making them tradable as crypto assets [5]. - The theoretical operation of "DeFi + RWA" involves converting physical or financial assets into digital certificates that can be used as collateral in DeFi lending protocols, potentially opening new financing avenues for SMEs [4][6]. Group 2: Challenges and Misconceptions - Many proposed solutions merely apply a blockchain "shell" over traditional centralized database systems, failing to leverage the core advantages of DeFi, which is decentralization [8]. - The reliance on "oracles" to input real-world data into smart contracts remains a significant challenge, as most scenarios still require offline verification, increasing costs and introducing new centralization risks [8]. - There is a misconception that simply tokenizing assets guarantees easy financing in the DeFi market; however, achieving liquidity and market trust for these tokens is a separate and more complex challenge [8]. - Compliance costs for legitimate RWA projects can be substantial, with many proposals neglecting to address the complex legal and regulatory requirements, potentially transferring risks to enterprises [8]. Group 3: Recommendations for Enterprises - Companies should critically assess the technical details of proposed solutions, including the asset verification process and the role of oracles, to ensure clarity and reliability [10]. - It is essential to evaluate whether these solutions offer greater efficiency and lower costs compared to traditional financing methods, such as bank loans [10]. - Seeking professional legal advice to understand compliance boundaries and legal risks associated with these solutions is crucial for safe business innovation [10]. - The potential of RWA should be viewed as a long-term trend rather than a quick fix for financing challenges, necessitating ongoing observation and development [10].