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-0.18%

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CryptoMotivator

· 14h ago

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.

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SatoshiHeir

· 14h ago

It should be pointed out that this analysis precisely hits the core paradox of the current RWA narrative—undoubtedly, most projects are storytelling rather than actual business. However, the team's approach is indeed worth a deep dive, based on the following argument: the combination of privacy + compliance skills is not coincidental in avoiding the suicidal tactics typical of pure DeFi. But on-chain data indicates a clear problem—TVL ranging from 180,000 to 350,000, making it hard to justify claims that "the mainnet has only been running for a year." Even if the European pilot is impressive, if the ecosystem's capacity is so weak, how can it support real asset inflows? The logical thread here seems broken. Let me say this: if they can truly push EVM and attract background-backed RWA projects within half a year, that would be a real integration of technological fundamentals and value consensus. But how likely is that? Based on historical experience, such promises are usually the last "dream of prosperity" before valuation adjustments. A fully diluted valuation of 65 million is indeed restrained, I admit, but restraint does not mean undervaluation—it's all about whether the team will truly stick to the technical roadmap in the future.

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pvt_key_collector

· 14h ago

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.

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NFTRegretful

· 15h ago

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.

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ImpermanentPhilosopher

· 15h ago

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.

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