RWA: The Largest Capital Bridge

If the goal of DeFi is to invent new currency markets, then the mission of Real World Assets (RWAs) is to move old asset markets onto the blockchain. Projects like Ondo, Reserve, Centrifuge, and Maple are building the infrastructure to tokenize real-world assets—such as U.S. Treasury bonds, corporate bonds, commodities, and even real estate—allowing them to be traded and combined in the crypto market.
The tokenization of RWAs breaks down the barriers between traditional financial markets. A tokenized government bond can not only serve as collateral in DeFi but also support stablecoins and even enable fractional ownership on a global scale, all without the need for traditional intermediaries. The real opportunity lies in: once-static assets have now transformed into programmable building blocks, opening up entirely new product and risk model design spaces.
Why it matters:
Massive market size: The global capital market is measured in the hundreds of trillions of dollars, and even if only a small portion goes on-chain, it can far exceed the current total locked value in DeFi. On-chain yield: RWAs have driven a new wave of stablecoin yield. For example, Ondo's tokenized treasury bonds allow stablecoin holders to directly access U.S. Treasury yields through the crypto network. Stability layer: RWAs can act as a "ballast" in the highly volatile crypto market—providing safer collateral and deepening liquidity pools. Institutional trust: The narrative of RWAs is something Wall Street can understand. They are more like a bridge rather than a threat to traditional finance.
Challenge:
Regulatory drag: Different jurisdictions have varying regulations regarding securities and custody, and compliance issues significantly slow down development. Liquidity mismatch: Although tokenization makes asset trading more convenient, the underlying markets (such as real estate or corporate bonds) do not inherently possess high liquidity. Adoption bottleneck: Persuading institutions to trust on-chain encapsulation is still ongoing, and currently, most capital remains in a wait-and-see state.
If DeFi is the "laboratory," then RWAs are the "highway" connecting the crypto world and traditional finance. This field may become the most important entry point, allowing crypto assets to no longer be just an experiment, but to truly embed into the global financial system.
4. ZK Technology: Achieving Scalability and Privacy Simultaneously
If there is a recognized betting direction for the future infrastructure of blockchain, it is zero-knowledge proofs (ZK). Projects like Starknet, Succinct, Linea, and zkSync are competing to prove that ZK systems are no longer just theoretical but can be a reality for large-scale production. The core of ZK lies in "compressing trust": the ability to verify a large number of computations in a low-cost, fast, and secure manner.
Zero-knowledge-driven blockchain opens doors to applications that were previously impossible or at least unrealistic. By compressing computation and minimizing data requirements, ZK enables systems that were once too heavy, expensive, or insecure to operate within a blockchain environment. Its design space is extremely broad: from more efficient on-chain proofs to privacy-first consumer applications, and to entirely new secure, data-rich protocols. ZK will change the way we interact with the on-chain world.
Why it's important:
Mainstream Recognition: Ethereum has clearly indicated that ZK is its scaling path, which gives the entire direction legitimacy. Cost Reduction: Proof costs are decreasing exponentially, making ZK viable at a consumer scale. Use Cases Emerge: Privacy-centric consumer applications are on the rise—whether it's for payments, identity, or messaging.
Challenge:
Standard Fragmentation: Intense competition among different technology stacks, and it is currently unclear who will emerge victorious. Unfulfilled Hype: There has yet to be a true "ZK Moment" that allows both developers and consumers to feel a breakthrough. Complexity: The addition of proof systems on top of blockchain makes an already complex tech stack even harder to grasp.
ZK is simultaneously a game of infrastructure and consumer applications. It promises to bring a dual enhancement of throughput and privacy - something that Web2 struggles to provide at the same time.
5. Decentralized Social: Beyond Money
The crypto world has always been "finance first, social second." But this balance is changing. Applications like Zora, Lens, Mirror, Farcaster, Base App, and the emerging Thousands Network are laying the groundwork for a decentralized social layer. The goal is to create an experience similar to Twitter, Instagram, or TikTok, but where creators can truly own their content, reputation, and earnings.
Decentralized social networking is not just about giving creators a larger share; it also means the opportunity to reconstruct the social graph as a public good. No longer will each platform lock data away in silos, but rather a user-owned network will allow reputation, fans, and content to migrate across applications. This will disrupt the existing paradigm: platforms will no longer simply corral users, but will compete to serve them. The opportunity lies in the fact that even with moderate user growth, a significant force can emerge, as creators and communities have a strong incentive to migrate to places that can retain more earnings.
Why it matters:
Independent of cycles: Consumer applications do not entirely rely on market cycles. A good game or social network can still grow during a bear market. Mainstream support: Coinbase's recent integration with Zora is a significant breakthrough—this scale of distribution will bring millions of users into crypto social. Maturity of opportunity: The creator economy on Web2 platforms is collapsing, leaving room for decentralized alternatives. Lowering barriers: User experience has significantly improved over the past 18 months, eliminating the friction that hindered mass adoption in the early stages.
Challenge:
User inertia: The cost of persuading users to leave Instagram for a new app is very high. Speculative reliance: Many decentralized social platforms are launched through tokenization, making them susceptible to cycles of "price surges." Newbie barriers: Wallets, cross-chain transactions, mnemonic phrases, and so on still deter mainstream users.
Decentralized social media may not immediately replace Instagram. However, as creator platforms continue to compress their revenue shares, the appeal of user-owned networks is becoming increasingly strong.