Author: Haotian

The news that PLUME is about to go live on Binance has once again brought the spotlight to this new RWAFi player. From a TVL of over $330 million in just two months to more than 177,000 RWA holders firmly at the top, has Plume used data to make a narrative correction for the RWAFi track?

1) At first glance, the two figures of 177,000 RWA holders and $330 million may seem abstract, but if we say that the 177,000 RWA holders exceed the total number of RWA holders on Ethereum and Solana, and that the $330 million TVL is supported by over 90% effective capital utilization, it might give a fresh perspective on this "top player" that has always been at the forefront of RWAFi.

2) If the last bull market was dominated by the "public chain narrative," this round has clearly shifted to the "yield narrative." The yield triangle formed by Plume, Ethena, and Ondo represents three different paths: Ethena focuses on stable returns from synthetic dollars, Ondo specializes in traditional fixed income like government bonds, while Plume has chosen a mixed yield approach—combining TradFi returns with DeFi strategies.

This allows for a combination of the stability of TradFi government bonds and the aggressiveness of DeFi's cyclical leverage; after all, one point is that its yield model is not a castle in the air, as there is over $40 million in RWA circulating funds operating in real-time behind it.

3) What is even more intriguing is the way the giants are participating. Traditional financial behemoths like Apollo, Galaxy, and Fidelity are not simply investing money and waiting for returns; they are directly issuing and deploying assets on Plume. This deep binding of "being both shareholders and clients" somewhat addresses the most challenging cold start problem of RWA—having assets, liquidity, and endorsement, a trinity.

That said, the challenges in the RWAFi track still exist, primarily due to regulatory uncertainties and the acceptance level of traditional institutional players. Plume has chosen a pragmatic path to solidify the points of "capital efficiency" and "real returns," which are crucial to traditional institutional players, using a new yield narrative to substantiate the value of the underlying infrastructure. This is likely more persuasive than any other grand narrative or vision.

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