"BOND"

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Tokenization of on-chain assets is becoming an important long-term trend with huge prospects. Among them, the government bond RWA is becoming an important branch. This sector achieved nearly 7-fold growth in 2023. After experiencing a brief decline at the end of 2023, it quickly returned to the upward channel. This Bing Ventures research article will discuss the current status and important development trends of government bond RWA and the entire RWA sector.

This article provides an in-depth analysis of Delphi’s investment logic in Ethena, revealing Ethena’s innovations in the stablecoin field and the potential risks it faces. The article explores Ethena’s design philosophy in detail, including how it generates revenue by combining ETH staking and perpetual contract funding rates, as well as its trade-offs in stability, scalability, and decentralization. In addition, the article also discusses Ethena's profit model and prospects for the future stablecoin market, providing readers with a comprehensive understanding of this emerging stablecoin project.

Bonds are investment tools designed for stable returns, making them suitable for investors seeking capital preservation and steady cash flow. However, bond prices can be influenced by various factors, such as interest rates, inflation, and credit risk. This article will delve into the types, advantages, and risks of bonds to help readers gain a deeper understanding of the bond market.

Backed Finance is a Real World Asset (RWA) government bond tokenization protocol, attempting to provide investors with exposure to a wide range of real-world assets.

Incorporating Bitcoin into a traditional 60/40 stock and bond investment portfolio can enhance cumulative returns but also increases volatility, with an optimal allocation of 3% to 5% Bitcoin being the best ratio for risk-adjusted returns.

AicroStrategy (AISTR) is an innovative AI-driven hedge fund project aimed at maximizing Bitcoin exposure. It raises funds by issuing convertible bonds and uses AI technology for dynamic leverage management, replicating MicroStrategy's Bitcoin accumulation strategy. AicroStrategy's core advantages lie in its decentralized on-chain operation, high transparency, automated bond conversion, and AI-driven DeFi strategy.

Cega is an alternative options protocol built on the Ethereum, Solana, and Arbitrum chains, offering three types of products: option pool, bond option pool, and leverage option pool. The core logic is that users sell options by depositing USDC into the liquidity pool. Within a specific range of the underlying asset's price decline, there is no principal loss, and users can also earn premiums from market makers, making it more akin to yield-generating products.

This article introduces the stablecoin project Usual. Its core innovation lies in USD0++, a 4-year USD0 bond, which aims to ensure stable profits by reducing the liquidity of USD0. However, for retail investors with smaller funds, the long lock-in period of USD0++ and its low return rate make it a liquidity trap.

Why has the Hong Kong RWA route stagnated? This article deeply analyzes the limitations of "bond issuance as financing" and proposes a new strategic path of returning to infrastructure, laying out offshore markets, and building an Asia-Pacific on-chain asset hub.

Ethena.fi tokenises a ‘delta neutral’ carry trade on ETH by issuing a stablecoin which represents the value of the delta neutral position. Their stablecoin, USDe, also collects the carry yield - hence their claim, an internet bond providing internet native yield.

This article proposes an innovative restructuring of the global financial system. Arthur Hayes suggests that the U.S. Treasury should establish Bitcoin as a neutral global reserve asset while keeping the dollar as the main currency for trade settlements. His proposal outlines several key steps: gradually raising Bitcoin's value, extending U.S. Treasury bond maturities, using social media to promote digital dollars, and developing a new blockchain-based financial infrastructure. This strategy aims to protect both America's economic interests and global financial stability.

Explore the diverse world of exchange-traded funds (ETFs) and learn how different types of ETFs provide investors with broad market exposure and investment opportunities. This article details everything from traditional stock and bond ETFs to innovative cryptocurrency and thematic ETFs, highlighting the advantages of ETFs in providing liquidity, flexibility and risk diversification.

This article introduces the construction of Ethena, its pegging mechanism to the US dollar, and associated risks. An evaluation model for Ethena's valuation is also provided. Tether carries risks that could potentially disrupt global bond markets. Ethena allows users to mint the stablecoin USDe by depositing assets, offering high yield through collateralization. Ethena has the potential to become a kingdom in the crypto space with a valuation reaching into the hundreds of billions of dollars.

Partner of a16z deeply analyzes how stablecoins evolve into real "currencies", and explores the impact of currency singularity, the sovereign risk of the US dollar, and Treasury - bond collateral on the financial system, as well as the reform paths.

The listing of Circle has caused a surge, attracting global financial attention. Stablecoins are no longer the "toys of the crypto community" but potential disruptors of global payment, exchange rates, sovereignty, and asset management systems. This article combines observations from Hayes, central bank attitudes, regulatory trends, and market dynamics to analyze how stablecoins can become digital sovereign bond ETFs, disrupt traditional wealth management logic, and open financial channels for hundreds of millions of global users, revealing the next wave of opportunities in the DeFi and RWA fields. What you think is a victory for Web3 is actually the eve of the evolution of the entire financial civilization.