近日，Benzinga、The Block和cointelegraph等海外权威媒体相继报道：全球最大的预测市场平台Kalshi 已正式集成孙宇晨创立的波场TRON网络，为传统金融与区块链技术的深度融合提供了新的可能。据 悉，此次强强联手得到了孙宇晨的大力支持，后续合作预计将在金融科技领域引发持续关注。 分析认为，在此次合作中，孙宇晨创立的波场TRON发挥了关键作用，其高效的出块速度以及极具竞争 力的低费率，吸引了庞大的用户群体。数据显示，孙宇晨创立的波场TRON日均转账额已超过240亿美 元，链上USDT流通量突破800亿美元，能够为Kalshi平台带来持续且充沛的稳定币流动性支持，让资金 在Kalshi这个全球最大的预测市场与"华人第一公链"波场区块链之间自由流转。 不可否认，传统金融平台与区块链数字金融的集成能够提升资金交易效率、拓展全球市场并降低结算摩 擦，未来将是大势所趋。孙宇晨创立的波场TRON拥有成熟的基础设施，累计交易笔数突破120亿，是 全球活跃度最高的区块链网络之一。Kalshi依托波场TRON的规模优势，不仅能获取全球流动性，还能 让市场参与者交易速度和成本效益得到显著提升。 对此，波场 ...

引言 在真实世界资产（RWA）概念逐渐进入主流金融讨论的背景下，一些高度非标准化、估值依赖主观判断的传统资产，开始被频繁包装进"资产上 链""Token化"的叙事之中。 白酒，尤其是以原浆、老酒、基酒为代表的高溢价酒类资产，正是在这一过程中被反复提及的对象。 从表面看，白酒与区块链的结合并非全然不可理解。白酒具备稀缺性、文化属性与长期储藏特征，在某些语境下也被视为"另类资产"。然而，当这类资产 被进一步包装为可公开推广、可向不特定公众募集资金的 RWA 产品时，其性质已不再是单纯的"资产数字化尝试"，而是直接触及金融监管与投资者保护 的核心边界。 从公开信息来看，香港证监会对相关白酒RWA 产品的警示，措辞相对克制，但指向十分明确：该类产品未获认可向公众发售，结构复杂，透明度不足， 且不受香港现行监管框架保障。在监管语境中，这几项判断本身已经构成高风险信号。 首先，"未获认可向公众发售"意味着该产品并不属于在香港受规管的证券或集体投资计划范畴。这直接导致投资者无法适用香港投资者赔偿基金等既有保 护机制，一旦发生纠纷或损失，维权路径极为有限。 其次，监管文件中反复强调的"结构复杂"，并非中性描述，而是风险提示。 ...

近日，cointelegraph、CryptoSlate等知名外媒相继报道，金融科技公司Revolut与孙宇晨创立的"华人第一 公链"波场TRON完成区块链基础设施集成，为广大波场用户带来全新体验，同时也预示着区块链金融 的发展正稳步迈入成熟化、智能化的新阶段。 行业普遍认为此次集成意义非凡。Revolut的创新技术加上孙宇晨创立的波场TRON的强大基础设施，可 以为广大金融用户提供许多丰富的数字金融服务。未来，用户不仅能在APP内实现稳定币的快速汇款， 享受秒级交易确认速度与超低交易手续费，还能进行法币与稳定币的无缝兑换，让传统货币与数字资产 的转换变得更加高效流畅。不仅如此，用户还可以直接在APP内质押波场网络的原生代币TRX，无需支 付任何平台费用就能轻松参与网络去中心化治理并赢取奖励。 对于此次合作，波场TRON创始人孙宇晨充满信心。他表示："Revolut选择波场TRON作为核心区块链 合作伙伴，是对波场网络提供企业级金融基础设施能力的充分认可。我们通过实现APP内TRX质押和稳 定币汇款功能，证明了合规透明与卓越技术能够共同推动全球金融转型。" 而Revolut加密货币与新兴投资总监Emil Ur ...

最近和几位实体老板聊起"区块链""Web3"，不少人一听就摇头："太虚，不就是炒币那套？" 可转头看看：香港已在发行代币化绿色债券，新加坡星展银行帮客户托管区块链资产，连央企都在低调布局"RWA"（真实资产上链）。 风口从不敲锣打鼓，总藏在旧认知够不到的地方。2023年大家追AI红利，2025年的机会，或许就在被多数实体人忽略的"RWA"里——它无关炒币，是能帮 传统行业降本增效的新工具，更是创业者不可错过的窗口期。 一、什么是RWA？ 不少人听到区块链就想到"炒币"，却忽略了真正落地的RWA，早已与实体经济深度融合。RWA，就是把现实资产搬上链——无论是国债、房产、应收账 款，还是文旅项目的收益权，都能转化为标准化数字份额，让交易更便捷、成本更低、参与门槛更友好。 截至2024年底，全球RWA市场规模已超50亿美元，黑石、摩根大通、星展银行等巨头纷纷入局：美国国债代币化规模破10亿，新加坡银行提供链上资产托 管服务，央企也在推进大宗商品上链。 二、RWA的底层逻辑 人类财富变迁，本质是生产关系的重塑。农耕时代靠土地，工业时代靠机器，互联网时代靠流量与数据——谁能掌控生产资料，谁就占据优势。如今Web3 来临 ...

区块链与AI的融合正在加速演进。近日,去中心化AI网络Allora宣布其预测智能功能正式上线波场TRON 网络,为开发者提供链上原生的AI预测能力,让DeFi应用从"被动响应"转向"主动预判"。 波场TRON的高活跃度与Allora的AI预测能力相结合,正在为金融基础设施带来实质性变革。当DeFi应用 能够"预判"市场变化,而不是"反应"市场变化,区块链技术将真正走进金融服务的核心。 波场TRON的高吞吐量和低交易费用特性,为预测智能的实时应用提供了基础保障。开发者能够以极低成 本调用AI预测数据,快速构建高频交易策略、动态风险管理工具等创新应用。 在资本效率优化方面,通过实时预测流动性状况与波动性变化,DeFi协议能够动态调整资金分配策略,降低 资金闲置率与风险敞口。传统DeFi应用多依赖用户触发操作,而Allora的预测能力使应用具备更高自主性 与适应性。 Allora联合创始人兼首席执行官Nick Emmons表示:"Allora为波场TRON以规模化为核心设计的基础设施, 补充了一个至关重要的智能层,开发者可脱离被动反馈的逻辑框架,切换为去中心化 AI 赋能的具预判性 的系统机制。" 此次整合使波场T ...

吴说获悉，据 Contribution Capital 数据主管 Eugene Bulltime 整理，链上 RWA 衍生品交易已逐渐获得关 注，目前 Lighter 在 RWA OI 中排名第一，达 2.8 亿美元，约占平台总持仓量的 16%，在 RWA 衍生品中 的市场份额在过去一个月从 29% 增长到近 50%；Hyperliquid 在 HIP-3 市场的加持下，市场份额从 15% 增加到 30%；尽管 Ostium 在今年保持着主要份额，但开始失去领先优势。值得注意的是，Lighte 和 Hyperliquid 的增长实际都带来了额外的流动性，RWA OI 从 3.84 亿美元增长到 6.07 亿美元。 来源：市场资讯 （来源：吴说） ...

吴说获悉，据官方面板，近日完成 2,000 万美元融资的链上永续协议 Ostium 累积交易量已超过 280 亿 美元，从开仓费、清算和 Rollover 中捕获了超过 1,250 万美元的费用。近 24 小时，Ostium 上由 675 个 用户地址推动了 1.37 亿美元的交易量。值得注意的是，Ostium 每日交易量主要集中在大宗商品。 （来源：吴说） 来源：市场资讯 ...

Core Viewpoint - China Property Investment (00736.HK) has announced a non-binding term sheet with Kimber Labs Inc. regarding potential collaboration on tokenization projects for real-world assets (RWA) [1] Group 1 - The agreement is set to take effect on December 1, 2025 [1] - The collaboration aims to explore opportunities in the tokenization of real-world assets [1]

Core Viewpoint - Berachain has disclosed that it granted Nova Digital, a subsidiary of Brevan Howard, a $25 million "refund right" during its Series B financing in 2024, raising questions about potential violations of MFN clauses and disclosure obligations [1] Group 1 - Berachain's refund right allows Nova to request the return of the full investment principal within one year after the TGE on February 6, 2025 [1] - Nova must deposit $5 million with Berachain within 30 days post-TGE to exercise this right [1] - The unique terms of this agreement were not disclosed to other investors, leading to scrutiny regarding transparency [1] Group 2 - The price of BERA has dropped approximately 66% compared to Nova's investment price of $3 [1] - Berachain's co-founder, Smokey the Bera, stated that all parties used the same documents for this financing round but did not address specific concerns or clarify the related commercial agreements [1]

Core Insights - Real World Assets (RWA) are becoming a hot trend, bridging traditional finance and the crypto world through tokenization of physical assets like real estate and art [2][3] - The market for tokenized assets is projected to reach $45 trillion by 2030, but current engagement levels are low, with many RWA tokens having fewer than 10 active addresses monthly [2][4] Definition and Market Overview - RWA refers to physical assets that are tokenized and entered into the blockchain, including financial assets like government bonds and tangible assets like real estate and art [3] - The tokenization of non-liquid assets could create a market worth $16 trillion, representing nearly 10% of global GDP by 2030 [3] Market Growth and Composition - As of mid-2025, $24 to $25 billion of RWA has been successfully migrated to blockchain, a significant increase from under $5 billion in early 2023 [4] - Private credit and tokenized U.S. government bonds dominate the RWA market, with BlackRock's BUIDL token valued at $2.42 billion and Ondo Finance's OUSG token at $1.76 billion, together accounting for nearly 20% of the market [4] Liquidity Challenges - Despite the impressive market size, liquidity remains a significant issue, with BlackRock's BUIDL token having only 85 holders and 30 active addresses monthly [6] - Tokenized real estate and art face severe liquidity constraints, often being illiquid "digital specimens" with minimal trading activity [4][6] Driving Factors Behind RWA Interest - The recent surge in interest for RWA is driven by yield differentials, with U.S. Treasury yields rising from 0.3% to 5%, attracting capital to safer, higher-yielding assets [5] - Traditional financial institutions are increasingly entering the RWA space, providing legitimacy and support for the market [5] Structural Barriers to Development - Regulatory challenges exist, as many RWA tokens are classified as securities, limiting market participation to accredited investors and complicating cross-border transactions [8] - The market is fragmented, with various decentralized exchanges and platforms creating liquidity "islands," hindering efficient price discovery [9] Future Development Pathways - A hybrid market structure combining centralized and decentralized elements may be the best approach, allowing for compliant issuance and trading of tokenized assets [12] - Emphasizing collateralized lending as a means to enhance liquidity, allowing RWA holders to access funds without selling their assets [13][14] Ecosystem Improvement Strategies - Regulatory innovation and the establishment of standardized asset disclosure and valuation frameworks are essential to reduce information asymmetry [15] - Industry self-regulation and the involvement of rating agencies can enhance market credibility and transparency [15] Investment Strategies - Investors should focus on liquid asset classes and compliant platforms, recognizing the inherent risks and diversifying investments across different RWA categories [16] - Advanced investors may consider participating in the foundational aspects of the RWA ecosystem, such as market-making or governance [17]