Business Model & Strategy - zkSync 构建了 ZK Stack，旨在为机构运行私有链提供支持 [1] - 该技术正被 35 家企业用于构建主权 L2 [1] - zkSync 的商业模式类似于 AWS，专注于零知识证明服务 [1] - 许可收入可能超过手续费收入，尤其是在机构需要隐私基础设施而非公共链的情况下 [1] Institutional Adoption - 德意志银行正在进行 onboarding [1] - 已经锁定 24 亿美元的 RWA（Real World Assets，真实世界资产）[1] Market Valuation - ZK Token 的市值为 5.28 亿美元 [1]

RWA Tokenization Market Overview - The tokenization market is experiencing significant growth and attracting global interest, with senior and engaged attendees participating in related events [1][2] - The industry anticipates that tokenization will become a mainstream part of the global financial world, although its current adoption is surprisingly limited [2] - Tokenization is expected to drive a shift from traditional 60/40 investment strategies towards alternative asset classes [3] Future Outlook - The market for Real World Assets (RWA) is taking off, gaining attention from traditional financial institutions and investors [4] - Within 5 years, RWA is projected to become a pinnacle investment vehicle, synonymous with trading other assets [4] - Education initiatives are crucial for market participants to understand the assets they are trading [3] Partnerships and Initiatives - The company is actively working on multiple projects in the RWA space [4] - A partnership with Mantra indicates a strategic move to capitalize on the growing tokenization market [3]

Key Takeaways - Monitor Real World Asset (RWA) traction from Ondo on BNB Chain [1] - Track Polymarket flows for cross-chain liquidity shifts [1] - Watch post-burn supply dynamics vs sector peers [1]

RWA Tokenization - Spiko Finance, a regulated tokenization platform with over $500 million in Assets Under Management (AUM), has adopted the Cross-Chain Token (CCT) standard [1] - The adoption aims to make Spiko Finance's money market funds natively transferable across blockchains [1] - Chainlink CCIP powers the cross-chain transferability of these Real World Asset (RWA) products [1] Cross-Chain Interoperability - This represents a significant advancement in enabling high-quality, yield-bearing RWA products to be natively cross-chain [1] - Chainlink's interoperability standard facilitates this cross-chain functionality [1]

Core Viewpoint - China Harbour International Financial Limited successfully assisted SIGUWORKS in the tokenization and issuance of real world assets (RWA) for its IP brand Puff Koala, marking a significant development in the digital finance sector [1][3]. Group 1: Project Overview - The RWA issuance project is designed around KOALA's IP licensing income rights in Southeast Asia, North America, and Europe, utilizing blockchain technology for tokenization [3]. - The total size of the issuance is in the tens of millions of US dollars, making it the largest IP RWA project in recent times [4]. - The project employs an offshore special purpose vehicle (SPV) structure, with cash flow from underlying assets distributed to token holders via smart contracts, ensuring transparency and automation in profit distribution [4]. Group 2: Company Expertise - China Harbour International specializes in digital financial investment banking and holds multiple licenses from the Securities and Futures Commission of Hong Kong, enabling various financial services [5]. - The company offers comprehensive services in RWA issuance, including asset screening, structural design, legal compliance, and technical implementation, while maintaining close cooperation with leading industry institutions [5]. - China Harbour International has a deep understanding of global regulatory requirements, allowing it to design optimal cross-border issuance solutions for clients [5]. Group 3: Technical Capabilities - The company has developed an asset chain platform with independent intellectual property rights to ensure the authenticity and integrity of underlying asset data [6]. - The platform utilizes IoT devices to collect real-time asset operation data, providing investors with a transparent asset monitoring experience [6].

Core Insights - The real-world asset (RWA) sector is experiencing renewed interest, with a 6.3% increase in the past 24 hours and an 8% rise over the week, indicating a potential shift in investor focus towards high-yield private credit [1] Group 1: Market Trends - The RWA space is gaining traction due to discussions of rate cuts and a revived appetite for yield among investors [1] - Several RWA altcoins are becoming prominent on traders' radars as the sector shows signs of life [1][2] Group 2: Specific Projects - Maple Finance (SYRUP) is highlighted as a key RWA altcoin, focusing on tokenized lending to provide institutional borrowers access to real-world credit through blockchain [3] - The project has proposed MIP-019, which aims to enhance token buybacks, expand governance rights, and phase out older staking systems, potentially strengthening its fundamentals [4][5] Group 3: Technical Analysis - SYRUP's price analysis indicates a bullish divergence, suggesting weakening sell pressure and the potential for a price reversal in the coming weeks [5][6] - For a sustained uptrend, SYRUP needs to break above $0.46, which could lead to further gains towards $0.52 [7] - Maintaining a price above $0.36 is crucial for the bullish setup, while a drop below this level could invalidate the positive outlook [8] Group 4: Future Outlook - The next few weeks are critical for RWA-linked tokens, with expectations of a broader rotation towards these assets if macroeconomic conditions become favorable [9] - A dovish policy tone from the Federal Reserve, along with stable macroeconomic conditions, could lead to increased liquidity and interest in active RWA projects [9]

Sei Network Ecosystem Growth - Laser Digital's tokenized fund launched on Sei via KAIO, expanding RWA offerings [1] - Sei Network's cumulative DEX volume surpassed $10 billion LTM (Last Twelve Months) [1] - a16z's report indicated Sei led major blockchains in active addresses for September 2025, surpassing Sui, Polygon, and Aptos [1] - DragonSwap, a Sei native DeFi protocol, exceeded $4 billion in all-time volume [1] Technological Advancements - Sei Labs engineers identified node operator optimizations potentially delivering 10-40x performance gains as part of Sei Giga development [1] Partnerships and Integrations - Citrex Markets launched their vaults product in collaboration with Orderly Network [1] - Sei deposits on Featherlend, powered by Morpho Labs, exceeded $10 million [1] - Reservoir's wsrUSD/USDC market went live [1] - FLOQ ID, a regulated Indonesian exchange, made Sei available in Southeast Asia [1]

Tokenized Private Credit Market - zkSync holds $2.4 billion in tokenized private credit, surpassing all other chains' RWA (Real World Asset) combined, excluding stablecoins [1] - Apollo and Centrifuge are channeling institutional allocations to zkSync, offering yields of 8-12% [1] - Private credit tokenization is generating double-digit yields on-chain [1] Investment Landscape - The market's focus on BlackRock's BUIDL fund at 4% yield contrasts with the higher yields available in private credit tokenization [1] - The real RWA opportunity lies in private credit, not government securities [1]

RWA Transparency & TVL - IXS Finance is releasing a comprehensive TVL breakdown, which the RWA space needs for clarity [1] - The TVL release will show the full picture of tokenized real-world assets, exceeding what standard trackers reflect [2] - Real-world assets are not fully on-chain, so DeFi dashboards may not accurately track their TVL [1] - The actual TVL of RWAs can be significantly larger than what DeFi dashboards currently indicate [1] IXS Finance Performance & Partnerships - IXS has been executing at a high level with strong institutional partnerships [2] - The data IXS is releasing is important for those serious about RWAs [2]

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