Multicoin: RWA on Chain Will Open the Era of DeFi 2.0

On September 25, Spencer Applebaum, co-head of venture capital at crypto firm Multicoin Capital, published a lengthy article titled "DeFi 2.0." The article pointed out that early AMMs, over-collateralized lending, floating rate liquidity pools, and perpetual contracts were primarily designed for highly volatile crypto assets like BTC and ETH. In contrast, RWA such as government bonds, stocks, and commodities exhibit lower volatility, possess cash flows, and have identifiable borrowers. Institutions are more focused on transaction quality, duration, and credit, and can no longer rely on the same set of primitives applied rigidly. Applebaum stated that DeFi 2.0 needs to supplement capabilities such as order books or RFQs (Request for Quotes), fixed rates and term lending, interest rate derivatives, options and structured products, repos and dark pools, portfolio margining, and yield splitting. Tokenization is just the first step; value will be embedded in public chain block space, core primitive fees, brokerage aggregation layers, and application order flows. As the scale of RWA grows, these primitives, which have long existed but were mismatched with assets, will truly enjoy the market.

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