最近预测市场板块里绕不开的话题就是——预测市场 x BNBChain，本质还是因为近期 crypto 世界都开始关注亚洲买盘的力量和亚洲用户的重要性，并且意识到了 CZ 喊单能够带来的巨大效应而在 @BNBCHAIN buidl 上也成为了一种风潮，对于 BNBChain native 的项目，CZ 会给予更多关注，尤其是有 YZi Labs @yzilabs 的投资，更是 BNB 嫡系最近我也在研究预测市场，发现其实预测市场的预言机解决机制是一大问题，需要更好的解决方案，因为区块链本身是一个封闭系统，无法直接获取现实世界的数据，所以预言机提供什么样的数据会对预测市场的结果起到非常大的影响（就像之前出过的 $UMA 大户预言机攻击事件）从此前 CZ 对于预测市场预言机的观点以及给 @APRO_Oracle 起名的角度结合来说，个人感觉 APRO 这个项目的机会还是挺大的。他们响应速度要比很多预言机团队都来的快，这个对 to b 的项目发展还是很重要的。会不会搞事就看这个了，此外还观察到他们今天和 BSC 上的原生预测市场 @opinionlabsxyz 强强联手，又宣发了 YZi 领投，看来团队也希望能在这个 ...

就比如，weth在16号就要修改预言机机制了，要是以后币安修改usde预言机下限，那不是都打脸了？所以，币安没有提前考虑到大量循环贷会触发系统性风险，这不就是草台班子嘛？毕竟链上已经多次出现循环贷系统性风险的案例了，当然，也可以阴谋论说币安是故意让usde出现风险，但是我觉得这种想法真的很蠢。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - RWA bonds, as a key product integrating "real - asset credit anchoring" and "blockchain technology enabling", are reshaping the operation logic of the traditional debt - financing market. The report comprehensively analyzes RWA bonds from multiple aspects such as core definition, operation mechanism, comparison with traditional bonds and ABS, global policy environment and regulatory framework, typical cases, and investor participation paths [12]. 3. Summary by Directory 3.1 RWA Bond Core Definition - **Concept Definition**: RWA bonds are standardized debt - financing tools that tokenize the creditor's rights of real - world assets with stable cash flows through blockchain technology. They have "dual - anchoring" features, anchoring both the cash flows of underlying assets and the income - distribution rules of smart contracts, and are classified as "security tokens" subject to securities regulations [13][14]. - **Underlying Asset Types and Characteristics**: There are three types of underlying assets. Financial assets, including accounts receivable, corporate loans, and national debts, are the mainstream with stable cash flows and low verification difficulty. Physical assets, such as real estate, infrastructure, and charging piles, have anti - inflation properties but long valuation periods and poor liquidity. Equity assets, like carbon - emission rights and intellectual property rights, are scarce and suitable for long - term allocation [15][16]. 3.2 RWA Bond Operation Mechanism - **Asset Confirmation and Pooling**: For non - standardized assets, asset confirmation uses the multi - node consensus of the alliance chain to generate "on - chain ownership certificates", and then packs the assets into an asset pool. For standardized financial assets, the issuer purchases the underlying assets through a licensed custodian, and the custodian issues a legal holding certificate, which is then uploaded to the chain [19][21]. - **Chain Mapping and Token Generation**: Non - standardized assets need to disassemble the asset - pool rights and interests into "on - chain quantifiable units" and associate them with on - chain ownership certificates, and then issue standardized security tokens. Standardized financial assets can be directly mapped by unit, and the token generation often uses a highly compatible general standard [22][25]. - **Trading, Circulation, and Settlement**: Non - standardized assets can be traded on compliant centralized exchanges or decentralized exchanges (DEX) with a KYC check. The settlement cycle is instant, and the T + 0 arrival is achieved. Standardized financial assets are traded on Layer2 DEX and licensed centralized exchanges, and the smart contract realizes instant "token - funds" transfer [26][30]. - **Income Distribution and Asset Monitoring**: For non - standardized assets, the income is distributed through IoT devices to collect data and smart contracts to execute the distribution rules. Asset monitoring uses IoT devices to collect data and establish an early - warning mechanism. Standardized financial assets have a simpler income - distribution process, and the asset monitoring focuses on price and ownership risks [31][34]. 3.3 Comparison with Traditional Bonds and ABS - **Compared with ABS**: RWA bonds are more efficient and intelligent. They change from an "off - line manual - driven" model to an "on - chain algorithm - driven" model, with a more transparent process, lower participation thresholds, and better risk control [37][38]. - **Multi - Dimensional Comparison**: In terms of technical foundation, asset scope, liquidity, regulatory framework, investor threshold, information transparency, and issuance cost, RWA bonds, traditional bonds, and ABS have significant differences. RWA bonds have a wider asset scope, higher liquidity, and lower investor thresholds [44][45]. 3.4 Global RWA Bond Policy Environment and Regulatory Framework - **United States**: It is the largest RWA bond market globally. After experiencing the technology - exploration period, institutional - trial period, and explosive - growth period, it has achieved significant market - scale growth. The passage of the CLARITY Act has established a dynamic regulatory framework, and technological infrastructure improvements and institutional capital inflows have also promoted market development [48][50]. - **Europe**: It has developed from infrastructure pilots to a unified framework under MiCA. After the phased and full implementation of MiCA, it has eliminated the regulatory differences among countries, and technological improvements have also met institutional requirements [51][54]. - **China**: It features a dual - track pattern of cautious piloting in the Chinese mainland (excluding Hong Kong, Macao, and Taiwan) and international linkage in Hong Kong. Through rule recognition, asset interconnection, and technological interconnection, a cross - border compliance closed - loop has been formed [55][58]. 3.5 RWA Typical Cases - **Shenzhen Futian RWA Digital Bond**: Issued in 2025 with a scale of 500 million yuan and a coupon rate of 2.62%, it is the world's first public - offering RWA bond, listed on both the Macau Stock Exchange and the Shenzhen Stock Exchange, with the underlying assets being the income rights of charging piles and office buildings [60]. - **Langxin Group Charging Pile RWA**: Issued in 2024 with a scale of 100 million yuan, it is the first new - energy RWA in China, anchoring the income rights of 9000 charging piles [63]. - **GCL - New Energy Photovoltaic Power Station RWA**: Issued in 2024 with a scale of 200 million yuan, it anchors the income rights of an 82MW photovoltaic power station and bundles carbon - reduction benefits [64]. 3.6 RWA Bond Investor Participation Paths and Thresholds - **Primary Market Subscription**: Chinese mainland (excluding Hong Kong, Macao, and Taiwan) institutional investors can subscribe through direct connection with overseas licensed underwriting institutions or indirect participation through domestic QDII products [68]. - **Secondary Market Trading**: They can trade through the Hong Kong MOX, the Shenzhen Stock Exchange Cross - border Connect, or licensed digital exchanges, with different trading objects and risk levels for each channel [69][70].

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].

Core Insights - RWA (Real World Assets) tokenization is gaining traction in the financial sector, particularly in tourism financing, offering new avenues for capital raising and reducing reliance on traditional bank loans [1][2][5] Group 1: Understanding RWA - RWA refers to the tokenization of real-world assets, enabling them to be traded and fractionalized like cryptocurrencies, thus enhancing liquidity and investment accessibility [4][6] - The RWA model allows tourism assets to be converted into digital certificates, enabling investors to receive dividends without affecting ownership [4][6] Group 2: Advantages of RWA in Tourism Financing - RWA provides innovative financing channels for tourism assets, allowing large, illiquid assets to be divided into smaller tokens for global investors, thus lowering costs and increasing liquidity [6][7] - It democratizes investment opportunities, enabling ordinary investors to participate in high-value tourism assets with lower capital requirements [6][7] Group 3: Market Potential of RWA - The global RWA market is projected to reach $255 billion by June 2025, with significant growth expected in the asset tokenization sector, potentially reaching $16.1 trillion by 2030 [8][22] - RWA is seen as a bridge connecting tourism assets with global capital, providing new financing possibilities and revitalizing the industry [8][22] Group 4: RWA Case Studies in Tourism - The first RWA digital island project in Dalian, China, aims to revitalize idle tourism resources, showcasing the potential of RWA in local tourism development [10] - The "Swordsman Panda" IP asset RWA project in Hong Kong demonstrates the ability to tokenize cultural IP rights, attracting a younger demographic and international investors [11] Group 5: RWA Applications in Tourism - RWA can be applied to ticket revenue rights of major tourist attractions, allowing investors to hold tokens and receive dividends based on ticket sales [12] - The model can also be utilized for vacation rental and hotel management rights, enabling fractional ownership and investment in high-end properties [12][13] Group 6: Challenges and Solutions in RWA - Compliance issues pose significant challenges for RWA in tourism financing, particularly regarding the classification of tokens as securities [14][16] - Solutions include clearly defining asset attributes to avoid securities classification, limiting investor access to qualified individuals, and adhering to regulatory frameworks [16][19] Group 7: Technological Support for RWA - Blockchain technology underpins RWA by ensuring transparent and immutable records of asset ownership and revenue rights [21][22] - Smart contracts automate revenue distribution and token transfers, enhancing efficiency and reducing human error in transactions [21][22]

Core Insights - TRON has announced a deep partnership with Chainlink, adopting Chainlink Data Feeds as its official oracle solution, which aims to enhance data security and reliability within its ecosystem [1][3] - Over 70% of security vulnerabilities in on-chain applications stem from tampered external data sources, and Chainlink's decentralized data verification mechanism significantly reduces potential attack surfaces [1][3] Group 1: Benefits of Chainlink Integration - Chainlink's decentralized data aggregation mechanism allows TRON's smart contracts to access real-time financial market data, enhancing stability and user trust by mitigating risks of data manipulation [3][4] - Developers can build high-security financial products more efficiently, with a 40% increase in development speed, as they can deploy data validation modules in just 2 hours using Chainlink's API [4] - Users will benefit from more transparent data sources in TRON's DeFi applications, reducing asset risks associated with data anomalies [4] Group 2: Competitive Landscape and Future Developments - The partnership redefines the competitive landscape for public chains, shifting focus from traditional metrics like TPS and gas fees to building a "trust infrastructure" [6] - TRON's DeFi protocols, utilizing Chainlink, demonstrate superior price data synchronization speed, being 12 times faster than competitors not using oracles, and reducing user losses from liquidation delays by 98% [6] - TRON is collaborating with Chainlink to develop a "dynamic data insurance pool" that compensates users for losses due to data discrepancies, with compensation up to 200% of actual losses [6] - Future plans include exploring cross-chain data interactions and advanced smart contract functionalities to further enhance the blockchain industry's trusted data standards [8]