From asset tokenization and cross-chain interoperability to KYC/KYB compliance and regulatory cooperation, participants discussed in depth how RWAfi can introduce more real-world assets and use cases to the DeFi ecosystem while ensuring compliance, laying the foundation for the sustainable development of the industry.

The discussion was conducted in English. Below are the key excerpts and translations of the key points.

Compiled by RealtyX DAO community contributor Sanqing.

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Jade (RealtyX): Hi everyone, I’m Jade from RealtyX, welcome to today’s AMA. This is our second workshop to promote the concept of RWAfi. Thank you for joining our “MTR Movement”! The goal of the “MTR Movement” is to work with RealtyX partners to build a trustworthy and incentivized RWAfi ecosystem. Today’s Space is part of the MTR series of workshops, the theme of which is to help enhance everyone’s understanding of RWAfi and explore its transformative potential in the Web3 economy.

Special thanks to Plume Network for being the co-organizer of this MTR workshop. Now, let's welcome today's guests and ask them to briefly introduce themselves and their respective projects. We will start with Defactor, followed by Jasper Vault and ComtinuumDAO, please!

Anastasia (Defactor): Thank you Jade! And thank you to RealtyX and Plume for hosting this workshop.
Hi, I’m Anastasia, Head of Growth at Defactor. We focus on providing key infrastructure and tools for RWA projects, including asset tokenization, creating lending pools, and supporting staking and governance functions for utility tokens and governance token projects.

Defactor has been deeply involved in this field for about three years and has maintained a close cooperative relationship with the organizer of this event and many projects in the industry. I am very honored to contribute to this MTR seminar!
By the way, I currently live in Hong Kong, and "MTR" happens to be the abbreviation of Hong Kong Metro, so I feel particularly close to this name!

Roy (Jasper Vault): Hi everyone! I’m Roy from Jasper Vault, mainly responsible for business development and growth management. Jasper Vault is a peer-to-peer cross-chain options trading platform. We have redefined the trading experience of Bitcoin options by combining BTCfi, NFT practicality and GameFi’s innovation.
Our uniqueness lies in:

  1. Developed based on the ERC-4337 protocol, it implements self-custodial transactions through account abstraction (AA), providing a seamless and secure operating experience;

  2. Provide up to 300 times leverage trading, no need to worry about liquidation risk;

  3. Adopting an innovative PM model, it realizes completely peer-to-peer transactions and eliminates counterparty risks.

Our goal is to combine traditional financial transactions with the fun of GameFi, so that financial strategies can also have the excitement and fun of games. I am very happy to be here today and look forward to communicating with you!

Selqui (ContinuumDAO): Thank you Jade! We are very happy to participate in today's AMA and share our work with you. ContinuumDAO is a platform focused on multi-chain tokenization of real-world assets (RWA), and its core technology is an institutional-grade secure multi-party computing network (MPC Network).

We have also developed a unique Semi-Fungible Token standard that incorporates many of the features associated with real-world assets and supports full interoperability across 30 blockchains, including major blockchains such as Plume, Lumia, and Red Belly.

Our platform has the feature of "zero code deployment". Users can fully describe their assets through the platform. This information will be recorded in the token contract to form an unalterable ledger. These records can be accessed on any blockchain, thus achieving cross-chain interoperability. I am looking forward to today's discussion and hope to have in-depth exchanges with everyone present!

Jade (RealtyX): Thank you for the wonderful introductions! I would like to especially mention that the projects discussed today have either already established a partnership with RealtyX or are about to start some form of cooperation. This also means that what we are discussing today is not just theoretical, but is really focused on actual implementation and execution. Our goal is to make these ideas a reality!

Without further ado, let's jump right into the first question! Let's talk about the prospects of RWAfi in DeFi. As everyone knows, DeFi has brought disruptive changes to the traditional financial industry by providing decentralized financial services on the blockchain. However, DeFi still faces some challenges that cannot be ignored, such as the high volatility of assets and the limitations of real-world application scenarios. Therefore, my first question is: How does RWAfi solve these challenges? Let's ask Ms. Anastasia to share her insights first.

Anastasia (Defactor): Absolutely, and I’m happy to share some of the lessons we’ve learned from working with different RWA startups. I think you’re right that high volatility and limited adoption of real-world assets is indeed the case right now. The term “RWA” has become a buzzword recently, but the concept has actually been around for a while.

I think the concept of asset tokenization originated from STO (Security Token Offering), and even before that, many projects have been trying to bring real-world assets to the chain. However, so far, the biggest challenges have mainly focused on regulatory issues and user acceptance.

Now, with the development of technology and the rapid advancement of the tokenization of real-world assets, more and more projects have been implemented. From the user's perspective, it is a very valuable attempt to understand their needs and how real-world assets can be integrated, digitized, and introduced into the blockchain through tokenization, so as to integrate into the user's daily life.

Users usually trust the value of assets they are familiar with, such as real estate, gold, and commodities. Looking back at when DeFi first emerged, it was almost entirely centered around cryptocurrencies, such as trading various cryptocurrencies, locking them in lending pools, using them as collateral for lending, etc. These operations are full of volatility. However, now people are gradually linking the value of familiar assets in traditional finance with the value of tokens representing these assets, which is making the industry gradually gain more trust and derive more and more application scenarios.

So, I am very bullish on this industry. Especially given that it can complement the infrastructure of DeFi and still be based on the value of traditional capital markets. I think this combination will greatly accelerate the popularity of the industry because it is an area that people are already familiar with.

Jade (RealtyX): Thank you Anastasia. You mentioned a very important point, which is how to make DeFi more understandable to the public through RWA and further promote its popularity and adoption. So, Selqui, what do you think about this?

Selqui (ContinuumDAO): DeFi Summer has been an unforgettable journey that we have all been on together. During that time, many amazing tools have emerged in the industry for trading, decentralized exchanges (DEX), lending platforms, and asset tokenization.

Today, these tools can also be applied to RWA, which will greatly boost the transformation of traditional finance to Web3. We can expand on these existing tools and introduce some more advanced technologies. For example, using zero-knowledge proofs (ZK Proofs) to meet KYC requirements and prove relevant matters to regulators. I believe that in this area, we should not confront regulators, but work on developing solutions that can meet compliance requirements. This will not only provide confidence to users, but also promote the tokenization of more assets in a legal and compliant manner.

Through tokenization, we can also bring new liquidity to markets that have traditionally lacked liquidity. For example, areas such as semiconductor trading or real estate, which have long had pain points, but through tokenization and DeFi, we can create more market opportunities for these areas. Therefore, I firmly believe that although many people may not fully realize it at present, RWA represents the future of the crypto industry. I am very proud to be part of this transformation process and have the opportunity to work with you. This field is full of infinite possibilities, and we need to work together. We are just getting started, but the road ahead is full of hope and potential.

Jade (RealtyX): Thank you, Selqui. Some of your points set a very good foundation for our discussion. Roy, do you have anything else to add to this?

Roy (Jasper Vault): I think a lot of very insightful points have been made. From my perspective, RWAfi is indeed one of the most promising narratives in the current crypto space, and I believe it will continue to be important in the next few years. As you mentioned, RWAfi does solve the two core challenges currently facing DeFi - high volatility and lack of real-world application scenarios.

Cryptocurrency has attracted a group of users who are interested in high volatility, which is undoubtedly one of its highlights. However, if we want blockchain and cryptocurrency to truly enter the mainstream market, we must attract another type of users - those who prefer low volatility and tangible application scenarios. Therefore, by combining DeFi with real-world tangible assets (such as real estate or RWA assets like US Treasuries), RWAfi is able to provide users with stability and returns based on real assets.

Similarly, this is what we at Jasper Vault are committed to. We believe that by working with industry partners like you, a new hybrid model can be formed by combining the stable income of RWAfi with the high leverage potential of options trading. This model can not only give full play to the synergy, but also promote the democratization of wealth creation, allowing more people to participate in the DeFi ecosystem in a more robust way and attract a wider audience. This is exactly our vision, and we hope to bring more possibilities to the industry through continuous exploration and innovation!

Jade (RealtyX): Thank you, Roy. The income blend model you mentioned is very interesting and made me think more about this area. Thank you for sharing these profound views!

Next, we move from a broad discussion to something more specific. My question is: From the perspective of your respective projects, what are the key innovations that RWAfi introduces to the DeFi ecosystem?

You've already mentioned some of this in the previous question, but next I'd like you to talk more specifically about the features of your project in real-world applications. If possible, please share some practical examples that reflect these innovations. As usual, ladies first, can we start with you, Anastasia?

Anastasia (Defactor): Okay, I’m very happy to answer this question! From our perspective, one thing we really appreciate about this space is the high degree of collaboration. Even though many projects are still in the early stages, they are already actively exploring various ways to advance their plans, such as real estate tokenization, commodities, precious metals, and even wine-related projects. When it comes to innovation and its application in real-world asset projects, I find the most exciting things to be the various new business models derived around these assets.

Frankly, it’s also a learning process for me. The technology itself is pretty mature, and our team has been working in this space for about three years, so we’re pretty familiar with it. But what’s new to me every day is the various innovative business models that people are designing around these assets, and the efforts they’re making to bring them to life. For example, if you’re tokenizing real estate (something the RealtyX team is very familiar with), projects in different jurisdictions may take different approaches. Some teams are trying to tokenize the actual title deeds, but that may not be feasible in some jurisdictions. So people are developing alternatives, like tying the token to a portfolio of multiple real estate projects, or to shares in a special purpose vehicle (SPV).

In addition, there are some innovative models that link tokens to rewards, such as allowing token holders to share the rental income of properties. I believe that these business model innovations are not only the key to the successful implementation of the project, but also make it easier for ordinary users to understand the value and operation of these projects.

To support the implementation of these projects, we focus on developing more specialized lending applications that provide solutions specifically for specific types of projects. These applications allow users to use tokenized assets as collateral to borrow USDC or other stablecoins. Conceptually, this may not be a particularly cutting-edge innovation, but at the technical implementation level, we focus on solving a series of potential problems, such as bad debt liquidation, on-chain processing of collateral assets, and optimizing the smoothness of the user experience, such as the convenience of wallet connection. If certain platforms require KYC, we will also integrate with KYC service providers.

While these infrastructures may sound mundane and many platforms are handling similar functions, they are indeed innovative because they allow users to interact with their real-world assets more easily. For example, if your RWA token represents a share of a real estate portfolio, you may think it will appreciate in the next decade, but in the short term, you want to use it for lending and use the borrowed USDC to achieve other goals. These features create more value for users and make the application of real-world assets on the blockchain richer and more diverse. In short, we are committed to developing more practical features around real-world assets and helping these projects better meet the broad needs of users.

Jade (RealtyX): Thank you Anastasia, as you mentioned, since these real-world assets can be used as lending tools, why not implement them on the blockchain? I think you are promoting a very meaningful work, and I also look forward to our cooperation to be a good demonstration of how to turn these ideas into reality. Next, I would like to invite Selqui to speak. I would like to hear your thoughts. What is special about ContinuumDAO? How are you innovating in this field?

Selqui (ContinuumDAO): Thank you for your question. I will answer this question from two or three aspects.

First, our multi-chain architecture is a very important feature. When issuers tokenize real-world assets (RWA), they can choose to issue them on multiple blockchains, and can add new blockchains as needed. This flexibility allows users to obtain liquidity anytime, anywhere, or use specialized RWA chains to meet specific needs. We provide a complete set of toolkits that allow users to define RWA according to their actual needs. This interoperability and ability to obtain liquidity is one of our core advantages.

Secondly, I would like to talk about some pain points that currently exist in the industry. Current token standards (such as ERC-20) are not suitable for the special needs of RWA because they lack sufficient information to describe the origin of the asset and other key on-chain or off-chain information. To make up for this shortcoming, we use a decentralized storage layer, BNB Greenfield, to record and manage multiple aspects of RWA. This information can be defined by the issuer and includes legal statements, due diligence, asset origin, and how to restore assets from a tokenized state to their original state (detokenization).

Detokenization is an issue that many people have not paid enough attention to. We need to convince RWA holders that they are holding a real, valuable asset. For example, we provide on-chain legal statements to prove the association of tokens with real assets, such as whether these assets are stored in an SPV (special purpose vehicle) or a trust. In addition, an asset redemption mechanism is designed so that holders can convert tokens back into real-world assets.

I think it will be difficult to achieve large-scale trading volume of RWAs if these pain points are not effectively addressed. In fact, almost all RWAs currently may be classified as securities, especially when you introduce features such as options. How to create these securities in compliance is a huge challenge facing the entire industry. To address these issues, we provide a comprehensive toolkit, including due diligence, financial statements, legal statements, and the ability to upload a prospectus or distribute dividend statements. Our token design supports the distribution of dividends directly to holders, which almost immediately defines them as securities. However, as long as we can provide all the necessary information to the regulator, it will be easier to obtain the relevant license. This license is directly linked to RWA, ensuring that any holder can be confident that they are trading a real, licensed security.

The third point is about the importance of KYC and KYB. Almost all transactions involving securities need to consider the following issues: who can invest in RWA, which countries are allowed to participate, whether investors are qualified investors, and the number of asset holders. In the past DeFi, we are used to borderless, permissionless, and trust-minimized trading models. But in the field of RWA, we need to provide tools to meet these compliance requirements. To this end, we are developing solutions based on zero-knowledge proofs (ZK Proofs). These tools allow asset holders to prove that they meet investment requirements, such as being over 18 years old, being in compliance with regulations in their country, or being qualified investors, while protecting their privacy. These tools will support seamless integration across chains and provide users with a more convenient and secure experience.

That’s it for our current work on the Continuum DAO testnet. We’re excited to show you what we’ve done!

Jade (RealtyX): Thank you Selqui, the transparency issue you mentioned is very critical. I totally agree with this because it is indeed a major challenge we are facing now - how to present more data about real estate assets on the blockchain in a transparent way. I also expect ContinuumDAO to provide us with an ideal solution. Roy, is there anything else you want to add to this?

Roy (Jasper Vault): From my perspective, I think our goals and philosophies are very aligned, especially in the RWA (real world asset) space, and especially in real estate.

For example, in real estate, individuals can often enjoy the benefits of asset ownership and participate in future asset appreciation by paying a down payment of something like 10%. Similarly, in our model, we allow users to pay a certain premium to gain full exposure to asset price appreciation, but only have to bear a small portion of the cost. I think this is a very important core advantage brought by tokenization. Not everyone can pay enough money to buy a complete asset at once, especially when the price of an asset like Bitcoin can be as high as $100,000. Even if many people are able to purchase a complete asset, the RWA model still provides more diversified investment opportunities and greater growth potential. Through this model, users can diversify their investments more flexibly while managing a richer portfolio of assets.

In addition, our goal is not limited to this. We ultimately hope to use the collateralization characteristics of RWA to create synergies. For example, users can earn additional income by selling options. This model not only provides a sustainable income opportunity, but also allows users to participate in a more stable asset return system. These returns are based on real assets and have more stable income potential. In general, this is our philosophy and development direction. We believe that this model can bring users a wider range of investment opportunities and more stable long-term returns.

Jade (RealtyX) Thank you Roy for coming at this from a very unique perspective and bringing up many exciting ideas. Frankly, I’m very much looking forward to seeing the use cases you mentioned being tested on the RealtyX platform. Let’s keep the pace of innovation going!

Now, while exploring the potential of RWAfi, we also need to seriously consider the legal environment when combining traditional financial assets with decentralized finance. Next, let's dive into this issue. Although Selqui has already elaborated on the compliance and regulation part in the previous question, if there is anything worth adding, please feel free to share your thoughts. My question is: When RWAfi plays a key role in bridging the gap between traditional finance (TradFi) and DeFi, what strategies have your projects adopted to meet compliance standards?

Also, as Selqui mentioned before, regulation is not usually a hot topic among Degen (decentralization enthusiasts) in the Web3 community, as they are more concerned about asset ownership, data autonomy, and anonymity. So, how do you think about the need to introduce some level of regulation in this space? If anyone is ready to answer this question, please feel free to speak up.

Selqui (ContinuumDAO): I would like to add to my previous point and let's look at this from the perspective of a regulator. The current IPO market is actually clearly broken. It usually costs companies $3 million to $5 million to conduct an IPO, a large part of which is high bank underwriting fees. This high cost discourages many companies, especially small and medium-sized enterprises. I believe that DeFi can provide a more economical and accessible issuance channel to change this situation.

I think the biggest opportunity is to establish a compliant channel that allows small and medium-sized enterprises to obtain funds through private placements or simplified IPO processes. If you are a regulator, you would definitely want your country to have a vibrant ecosystem that allows small companies to break through the current fragmented capital raising market. However, the reality is that these companies face many obstacles: they cannot get loans from banks because banks are generally reluctant to lend to small businesses; they find it difficult to IPO because the cost is too high; and it is extremely difficult to get support from venture capital (VC).

Therefore, I think this is a huge opportunity. Through innovative methods, especially combining the potential of RWAfi and DeFi, we are expected to provide these companies with a new financing channel. This will not only help small companies obtain capital support, but also further promote the development of a healthier and more inclusive capital market.

Jade (RealtyX): Thank you Selqui, I think you raise a very good point. What about Defactor, what strategies have you adopted to deal with compliance issues in this area?

Anastasia (Defactor): For Defactor, as a technology provider, we usually customize development according to the specific needs of the object of technology deployment. If a project is launched in a specific jurisdiction and the jurisdiction requires users to meet specific compliance requirements for access, we can achieve these functions through a series of tools.

For example, if you operate in a licensed environment that requires strict KYC certification, all users must be identified, and you plan to launch a lending pool that is only open to specific users or investors, we can use standards such as ERC-3643 to solve this problem. This approach ensures that tokens are only minted to wallets that have passed KYC certification, and these wallets will be whitelisted, and only they can receive and hold minted assets. Such tools give us the flexibility to meet compliance requirements in different jurisdictions.

From a company perspective, we focus on developing complete technology solutions that can support these functions and integrate with KYC service providers, transaction monitoring service providers, etc. to meet the compliance needs of our customers. From a technical perspective, I find it very interesting that blockchain technology is being recognized more and more. Not only as an independent industry, it is also seen as a tool that can provide evidence in investigations or verify the authenticity of assets.

This recognition is undoubtedly a big step forward for the industry. For example, immutable smart contracts like Tornado Cash were recognized by a US court the other day, which I find very meaningful. This is a huge breakthrough from the perspective that the technology is seen as more reliable than traditional paper proofs. These technologies are sufficient to prove the existence or definition of the relationship between counterparties simply by their transparency and immutability. In some cases, such technical means may be sufficient. So, I think this is an industry trend that is very worth paying attention to. We need to continue to explore how these technologies can further promote the development of the industry and provide support for more practical application scenarios.

Jade (RealtyX): Thank you all for sharing! I know that regulation may not be a pleasant topic for many enthusiasts in the Web3 space. But for all projects, especially RWA Launchpad and function providers like us, the ultimate goal is to protect our users and asset providers, which is the bottom line we always adhere to. The last question is: Do you think we will see more RWAfi integration with DeFi in the next year? How do you think this integration will shape the future of DeFi and the Web3 economy? Let's start with Roy this time.

Roy (Jasper Vault): Regarding this question, I believe that next year we will see RWAfi further promote the adoption of DeFi by attracting more institutional and retail investors. These users are attracted precisely because of the huge potential for real-world applications presented by RWAfi.

For us, we expect to achieve some important milestones by combining real-world yield structures with advanced financial instruments such as options and derivatives. This hybrid model can not only further amplify real-world returns through leverage or hedging functions, but also allow users to more flexibly execute complex investment strategies and better protect funds during periods of high volatility. This innovation actually has the potential to redefine the nature of DeFi.

Some key future milestones for RWAfi may include:

  1. Wider adoption of RWAs, enabling more assets to be tokenized on the blockchain;

  2. A clearer regulatory framework provides a foundation for the entire industry to develop in compliance;

  3. Expand collaboration across DeFi, TradFi, and Web2 to achieve deeper integration and synergy.

By connecting traditional finance with DeFi through innovations such as tokenized RWA and tools such as options, we firmly believe that RWAfi will play a key role in shaping a more inclusive, stable and efficient financial ecosystem.

Regarding the regulatory issue you just mentioned, I would also like to add that I think we will see more and more cooperation in the future, especially close cooperation with regulators. This cooperation will enable Web3 to enter a wider market and ultimately achieve the goal of mass adoption that we are pursuing in the Web3 field. This is an exciting direction and makes me look forward to the future.

Jade (RealtyX): Thank you Roy for sharing. What does Selqui think about this?

Selqui (ContinuumDAO): For builders in our field, we will continue to work hard and focus on developing solutions. However, the difficulty lies in how to make regulators understand us, help them understand our operating model, and try to cooperate with us. Perhaps through a regulatory sandbox approach, let them gradually explore and establish a suitable framework. I believe this is very possible. Because regulators are under tremendous pressure to respond to these new things correctly, and those countries and institutions that take the lead will gain huge advantages.

I think of institutions like VARA (Dubai Virtual Asset Regulatory Authority), and other forward-thinking countries. Those countries that can solve this problem will create a large market through their regulatory framework, which is undoubtedly a huge opportunity for them. Therefore, we all have the responsibility to educate regulators and work with them to change the stereotype of "crypto industry is full of scammers" and remove the negative labels on us. We are the "good guys", we are trying to build something that can revolutionize finance and want to work with regulators. This is our core message to regulators, and I believe we will see more of this cooperation next year.

Jade (RealtyX): Thank you, Selqui. And last one, Anastasia, what is your prediction?

Anastasia (Defactor): These are all very interesting insights and perspectives, thank you for sharing. I am not a person who is particularly keen on making predictions, I prefer to observe what is happening now. I tend to believe that the trends that have emerged today and the dynamics we have observed this week and this month will continue to develop along their trajectories.

I see a strong wave of user adoption emerging from the various projects we work with. Users are actually starting to use these platforms, connect their wallets, and acquire tokens. Although it is still small and nowhere near the "breakout moment" like ChatGPT, I hope that one day my mother, who works in traditional real estate, can discuss with her generation about buying real estate in different jurisdictions through her wallet. With a simple transaction process, she can own a part of the real estate without having to spend a lot of time dealing with cumbersome paper documents as in the past.

We haven’t reached the “tech-free moment” yet, where users use technology without even realizing they’re using it, but we’re getting there. User trust is growing, especially in tokenized real estate, gold, commodities like corn, and art (NFTs were one of the first real-world assets to be accepted by users). This trend is definitely very strong and shows that we’re on the right track.

I believe that by 2025, our conversations will be very different. By then, people may no longer ask "What is RWA", but "How do I get it? How do I store it properly?" and so on. By then, the questions around infrastructure will become more complex and in-depth, because users are becoming more professional and accustomed to new modes of interacting with real-world assets.

Jade (RealtyX): Thank you Anastasia for describing a very beautiful vision for next year. I believe that among all the innovative concepts of Web3, RWA may be one of the easiest areas for the public to understand and try. Thank you very much for your valuable sharing.
Before I wrap up, I’d like to invite Plume Network to take over and share some exciting updates about their ecosystem. Since the projects we’re all here are built on Plume Network’s infrastructure, this is a great opportunity to learn about their latest developments.

Steven (Plume Network): First of all, thank you Jade for your wonderful hosting and thank you to the other guests for sharing very insightful views. I will try to be brief and add some of my thoughts along with Anastasia, Roy and Selqui's discussion.

I agree with your point that the concept of RWA has been around for a long time, dating back to 2020 or even earlier in the stablecoin era. But what makes me happy is that people are now more attentive and thoughtful in promoting the implementation of RWA. The four protocols here are all solving problems in different ways and creating new and unique use cases for RWA. I think this is the most important thing.

Looking back at the early days when the concept of RWA first emerged, many people simply tokenized for the sake of tokenization, without really exploring the actual use cases and value of these assets. This approach is neither correct nor conducive to mass adoption. However, now, more and more institutions are entering this field every day, which is undoubtedly a critical first step towards mass adoption. I often say that many people used to think that cryptocurrency is a zero-sum game, but it is not. There is a huge market in the traditional financial sector that has barely touched the true potential of cryptocurrency. So I think if we (the combination of traditional finance and the cryptocurrency market) work together, we can make this market much larger than it is now.

Regarding Plume, thank you very much for inviting us to participate in this discussion. We completed the beta phase a few months ago and have achieved very encouraging data performance. Special thanks to RealtyX and Jade for their participation and support. In the past two months, we have been preparing for the official launch of the mainnet, which is coming soon, so stay tuned! Our team has also designed a series of activities to promote the launch of the network. Users can earn rewards by participating in these activities. In addition, I am personally working closely with multiple partner applications to ensure a smooth onboarding experience for users while allowing them to fully experience our vision for RWAfi. Please stay tuned for updates. You can find all the latest information related to Plume through our Twitter, Discord, and Telegram.

Thanks again for participating! We look forward to working together to promote the future development of RWAfi.

Jade (RealtyX): Thank you Steven! We are very much looking forward to the next phase of cooperation with Plume Network, and of course further cooperation with Defactor, ContinuumDAO and Jasper Vault.

At the same time, we would like to thank all the guests today for sharing your valuable insights, which added a lot of depth and inspiration to the second RWAfi ecological seminar. We would also like to thank all the audience for their support and participation, making this discussion even more exciting!

Can't wait to see you all again at the next event. Don't forget to follow all the speakers' projects on Twitter to get the latest updates from them. Have a great day everyone! Thanks and bye!

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