From Pilots to Products and a New Test for Fundamentals

Recent industry events confirm that tokenized securities are established, moving the conversation from existence to implementation details. Key takeaways highlight that DeFi's utility is often unseen because robust infrastructure runs quietly, enabling benefits like 24/7 settlement and programmability for onchain investors. Solutions like Horizon, Pendle, and Centrifuge's deRWA are connecting institutional assets using standards like ERC-4626 and ERC-7540, making RWAs a feature of capital markets rather than a separate category.

The narrative has shifted: 'Crypto is Fintech,' meaning the underlying blockchain mechanics are becoming invisible as the focus moves to consumer outcomes, like receiving S&P 500 exposure in an app. Institutional managers are past hesitation, setting deployment timelines, with Aave Horizon showing how RWAs can function as collateral. Furthermore, fragmentation across chains is acceptable if value moves frictionlessly via atomic swaps and chain abstraction.

Crucially, investors are now judging protocols based on business fundamentals—revenue, unit economics, and execution—rather than just hype. Looking ahead, expect index products to become standard collateral, deRWA to expand distribution, and builders to benefit from programs like RWA Bento that combine funding with necessary infrastructure to accelerate the move from pilot to production.

(Source：BeInCrypto)