Multicoin Capital: RWA Will Drive DeFi into Phase 2.0, On-Chain Financial Infrastructure Faces Restructuring

Multicoin Capital stated that as real-world assets (RWAs) such as equities, bonds, commodities, and foreign exchange accelerate their migration on-chain, the core infrastructure of DeFi will gradually expand from primarily serving native crypto assets to encompass traditional financial market structures such as order books, RFQ, fixed-rate lending, options, dark pools, and portfolio margin. Multicoin believes that the next phase of bringing RWAs on-chain is no longer merely asset tokenization, but rather enabling these assets to actively participate in trading, credit, derivatives, and risk management, thereby expanding the overall size of the DeFi market.