1. Real Yield Market, Optimistic About This Track's Potential

I estimate that the real yield market referred to by this reader is the yield generated from on-chain assets after the tokenization of RWA assets?

If so, I have previously shared my views on this topic: the yield from assets in this track is essentially the yield from various financial assets in real life. The only difference is that this yield is distributed in the form of on-chain tokens (such as stablecoins like the US dollar).

In real life, a yield of around 10% annually from financial assets is considered quite good, and a bit better would be an annual return of about 15% to 20% from the stock market.

However, this yield may not be appealing to the vast majority of users in the current crypto ecosystem.

Regarding the future development of this track, my view is that for it to succeed, it must have regulatory support, and only traditional large institutions and big capital can navigate to gain that support.

In the process of bringing RWA assets on-chain, those large institutions and big capital can earn substantial intermediary fees and transaction fees, so they have a strong incentive to promote the development of this track.

The recent development of this track has been very rapid; for example, Fidelity has already issued tokenized U.S. Treasury bonds on several Ethereum Layer 2 solutions.

However, I am curious about who would buy these tokenized Treasury bonds?

Would large institutions and big capital buy them?

They generally have more direct and smoother channels offline to purchase, so why would they take a detour to buy on-chain?

Would retail investors and speculators trade them to profit from the price difference?

It would be better to play with MEME coins for that price difference.

Would they buy them for long-term investment?

In that case, it would be better to directly put stablecoins into AAVE or similar lending apps; even if the yield is slightly lower, it wouldn't be too different.

In summary, if someone finds it fun and novel, I can understand buying a bit of these on-chain Treasury bonds, but I don't see the appeal in making large investments specifically to buy these bonds on-chain.

When I assess whether a track has potential, I pay special attention to my own interests. I look at whether I can participate in this track. If I can participate, what benefits can it bring me? Does this benefit have an advantage compared to the yields of other assets?

From these perspectives, the asset yield in the RWA track does not have much appeal to me at this stage. I will pay a little attention to it but won't spend too much energy on it.

2. Buffett is Out of the Question, but if Duan Yongping Changes His Mind and Enters the Crypto Market, It Would Have a Significant Impact

Buffett and Duan Yongping often mention in their speeches that they do not understand many industries or many assets.

Duan Yongping has also said that it took him several years to understand XXX or that he still does not understand XXX after several years.

For investors of this caliber, when they say they "do not understand," it is generally impossible for outsiders to change their views. Don't expect just anyone to change their opinions with a few words.

Only they themselves can change their views.

Another senior figure, Dan Bin, has been continuously paying attention to Bitcoin and has invested in it.

Actually, I don't care much about how they view things; I believe my understanding in this field is deeper than theirs.

For senior investors of this level, I think focusing on their alternative views on crypto assets is not very meaningful. It is more meaningful to learn investment wisdom and thinking from them.

They have reached a top level among their peers in the fields they have deeply cultivated. Can we reach a top level among our peers in the fields we are deeply involved in?

3. Will There Be Altcoin Seasons in the Future? Is There Still Potential in Ethereum Layer 2?

Yesterday's market seemed to have a small "rehearsal."

During Ethereum's rise to $2800, mainstream DeFi tokens surged significantly.

The market interprets this as: after Trump takes office, there may be a relaxation of regulations on the crypto industry, and within the crypto ecosystem, DeFi is undoubtedly the most scrutinized subfield by regulators.

Therefore, the market interprets this as: after the relaxation of regulations, DeFi will have new developments, attract new users, and expand new markets, thus benefiting the tokens.

However, it is important to note that the tokens that have risen, especially those with significant increases, are well-known DeFi project tokens.

So, by analogy, even if there is an altcoin season in the future, it will only be for the tokens of well-known blue-chip projects, not just any token.

I estimate that Ethereum's Layer 2 will also have a similar effect, but the premise is that there must be a strong application ecosystem for their prices to rise.

Once a certain Layer 2 expansion's application ecosystem takes off, and its token is stimulated by positive news, this effect will also transmit to other Layer 2 expansions.

This Saturday, November 9th, at 8 PM, we will hold an online discussion on Twitter Spaces.

If you have questions, you can reply to this post: https://x.com/DaosViews/status/1852148588790583613

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。