Last month, I accidentally discovered that a certain decentralized lending protocol launched a "real estate mortgage token" market. At that time, it was just curiosity that drove me to throw in ten thousand dollars to test the waters. The result? An annualized return of 5.2%. You should know that the ordinary stablecoin pools are only about 3.9%, which directly earns an extra 1.3 percentage points. The key is that the source of repayment is clearly stated — real rental income. At that moment, I suddenly realized that RWA might really not just be a hype concept.

Observing over the past six months, this protocol has become increasingly skilled in the RWA track. From initially being cautious to now having successfully navigated three mature RWA markets, the TVL has directly surpassed 300 million USD. To be honest, this approach of "not stubbornly pushing in crypto assets, but turning to connect with the real world" is much more reliable than those projects that shout slogans every day.

I first heard about RWA lending in mid-2024. At that time, a bunch of projects were hyping "the era of RWA has arrived", but upon closer inspection, apart from announcements, there was very little actual implementation. Even if there were products, they were all in a poor state—low annualized returns and lack of transparency. I remember trying out a certain protocol's "accounts receivable Token", which had an annualized return of only 3.1%, and they couldn't even clarify who the money was lent to. After the maturity, I immediately withdrew and vowed never to touch it again.

So at the end of last year, when this protocol announced it was going to do RWA lending, my first reaction was: here comes another pie-in-the-sky promise? I didn't expect that not long after, they would collaborate with Centrifuge and launch the first RWA market on the Base chain - "Warehouse Logistics Asset Collateral Token Lending". This time, they are serious.