2026-01-14 23:20:27

RWA has maintained its popularity over the past two years, but there is still a significant gap between the concept and its implementation. Projects with genuine business support are quite rare.

One project idea worth paying attention to is its focus on the tokenization of financial assets that require privacy protection, such as bonds, equity, and fund shares—traditional financial instruments. Approaching from this angle also means avoiding the pure DeFi approach.

In Europe, acceptance of such applications is higher. The MiCA regulations, combined with DLT pilot projects, have created a framework for compliance. There was a exchange that chose this technical solution as its underlying layer, holding licenses for MTF, ECSP, and brokerage—indicating that the technical solution has been tested and verified by professional institutions. A tokenization project of small and medium-sized enterprise assets worth 200 million euros, while not large in scale, is sufficient as a pilot to demonstrate feasibility.

The technical difference lies in privacy-friendly audit design. Traditional privacy coins adopt a fully anonymous approach, which can attract regulatory trouble. This project’s scheme allows authorized parties to view transaction details—in institutional scenarios, this is a standard feature. The launch of an EVM-compatible layer enables developers to directly reuse tools from the Ethereum ecosystem, significantly reducing migration costs, which is much more efficient than building a developer community from scratch.

In the current competitive landscape, the TVL of a certain privacy network ranges between $3 million and $7 million, and another platform also holds a certain share of the ecosystem. This project’s current TVL is between $180,000 and $350,000, which indeed looks weak. However, the mainnet has only been running for a year, and its focus is on RWA rather than traditional DeFi, so this comparison may be misleading.

From a valuation perspective, a market cap of $32 million and a fully diluted valuation of $65 million are quite restrained for a new project, unlike some projects that start with several hundred million. If in the next six months, EVM is launched and several RWA projects with real business support are brought online, there is room for revaluation. The key is whether the team can steadily advance the technical roadmap.

RWA-2.04%

ETH-3.45%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

17 Likes

Reward
17
8
Repost
Share

Comment

0/400

GetRichLeek

· 01-17 23:03

Damn, another RWA concept? I'm already overwhelmed. Every time I see this kind of term, I get FOMO like crazy. But this time, the privacy + compliance approach is indeed different. I trust the European licenses backing this—three licenses, to be exact... Much more reliable than those who claim to be the next Uniswap at any moment, haha. The TVL is only 180,000 to 350,000. At first glance, it's indeed weak, but I want to bottom fish this small-scale project now. I've already lost money on three projects in a row, so why not take a gamble? A $65 million FDV sounds restrained, but this is also the easiest price level for whales to shake out. I've been burned by this trap before, really. The key is whether they can actually implement those RWA projects. Just hyping up technology is useless; without real application, it will ultimately become an air coin. I agree with EVM compatibility—no need to learn development all over again. But whether the team is reliable is the core... Forget it, I’ve already gone all-in on this privacy track. Either I lose big or I get 10x. That’s it.

View OriginalReply0

NftRegretMachine

· 01-17 22:02

Actually, the biggest problem with RWA is that it's easy to say but really hard to do. I've looked at so many projects, and there are really few that are not just talk on paper. This idea is somewhat different, starting from the perspective of privacy financial assets... It indeed avoids the crazy tactics of DeFi. The compliance framework in Europe is also in place, but the question is, can we trust the implementation on the ground? TVL is only 180,000 to 350,000? Damn, these numbers are a bit disappointing. Although the mainnet has only been live for a year, the gap still looks a bit shaky. The valuation isn't that exaggerated either; a market cap of 32 million still seems restrained, but that might just be because it hasn't started pumping yet. The key is whether the next six months can really deliver something; otherwise, it will just be another PPT project.

View OriginalReply0

AirdropChaser

· 01-16 02:56

This idea is indeed interesting, bypassing the pure DeFi approach and directly targeting traditional finance... However, the TVL is only $180,000 to $350,000, which is too modest. RWA implementation is difficult, and projects with actual business support are few and far between, unlike those purely炒概念 that are flying everywhere. The European MiCA framework has indeed provided compliance space, but when will Asia catch up... It's always been a matter of being a latecomer. The key still depends on whether the team can steadily push forward, rather than just making big promises. EVM compatibility is good, and the thoughtful reduction of migration costs is appreciated. It all depends on how many genuine RWA projects can be attracted in the future.

View OriginalReply0

CryptoMotivator

· 01-14 23:50

Basically, RWA is just a big hype, and there are very few that can truly be implemented. Currently, this project exploring privacy financial assets is quite innovative. With the support of the MiCA framework in Europe, exchanges are directly using this technical solution and have obtained three licenses, which shows that it's not just talk on paper but has been tested. TVL may seem small now, but they've only been running for a year, so it's not fair to compare them to projects that have been around for several years. Such benchmarking is a bit unfair. The key is whether EVM can be practically implemented next. If they can bring in a few real business RWA projects, the revaluation potential is indeed there. Whether the team is reliable or not is probably the final gamble.

View OriginalReply0

pvt_key_collector

· 01-14 23:44

This European compliance framework is indeed interesting; it's much better than the chaotic regulatory environment over in the US. The key still depends on whether the team can actually deliver on their promises—having concepts alone is useless.

View OriginalReply0

NFTRegretful

· 01-14 23:26

Really, there are so many RWA projects, but only a few have actually been implemented... This idea of tokenizing privacy financial assets is quite interesting, much more reliable than pure DeFi routines. With the support of the MiCA framework in Europe and the endorsement of three licenses for exchanges, it shows that this is not just a pipe dream. The pilot project with 200 million euros is not large, but it’s enough to prove that the technical solution can pass regulatory scrutiny. The EVM compatibility layer is brilliant; it significantly reduces developers' migration costs. This is much more effective than just storytelling to fool developers. TVL indeed looks weak, but the mainnet has only been running for a year and still supports a market cap of 32 million, which actually seems quite restrained... If they can really deliver a few RWA projects with actual business according to the roadmap, there should be more room for imagination later on.

View OriginalReply0

ImpermanentPhilosopher

· 01-14 23:26

It's RWA again, privacy again, European compliance again... It sounds impressive, but I just want to ask—has this 200 million euro pilot project really been successful? The TVL from 18 to 35 thousand dollars basically means no one is using it. No matter how much the team brags, without real business support, everything is just a castle in the air. However, the idea of an EVM-compatible layer is indeed clever; lower migration costs for developers do make it easier to attract the ecosystem. But the problem is... why can other privacy projects reach several million in TVL, while this project remains so quiet? This warrants reflection.

View OriginalReply0