<aside> 💡 Before Reading: Main contents are in the deck link, other contents are additional info.

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0 Deck（Strongly Recommended🥊!!! ）

Real World Asset (RWA)

Real-World-Asset-RWA.pdf

Real-World-Asset-RWA.pptx

1 Why RWA?

<aside> 💡 为什么需要RWA？

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In traditional finance, asset financing requires many intermediaries to function. For example, the shortlist of parties involved in a securitization can include a lead manager, managers, lawyers, paying agents, fiscal agents, auditors, registrars, transfer agents, calculation agents, listing agents, rating agents, process agents. All of these intermediaries add to the upfront and ongoing costs, increasing the barriers for small and medium enterprises compared to large corporations.

例如，证券化所涉及的各方名单可能包括首席经理、经理、律师、支付代理人、财务代理人、审计员、登记员、转让代理人、计算代理人、上市代理人、评级代理人、流程代理人。

• More Liquidity: Once tokenized, assets can be made available to a much larger audience, which increases market liquidity and removes the “liquidity premium” associated with investments that are traditionally more difficult or time-consuming to sell, like fine art or real estate. Tokenized assets can be designed to be freely exchangeable online and allow investors to acquire fractional ownership of a token’s underlying asset. As a result, crypto tokens can both contribute to the liquidity of existing markets and provide a broader range of investment opportunities to more investors.
• Faster, Cheaper Transactions: Crypto tokens allow investors to bypass market intermediaries and other middlemen who are typically involved in the traditional asset management process. This effectively reduces the transaction costs and processing time of each exchange, allowing for a more streamlined, cost-efficient method of transferring value. Additionally, since crypto tokens exist on the blockchain, they can be traded and sold 24/7 around the globe.
• Transparency and Provability: Because crypto tokens live on the blockchain, users can easily trace their provenance and transaction history in a way that is cryptographically verifiable. Transactions can be automatically recorded on the blockchain, and the immutability and transparency enabled by blockchain technology helps guarantee the authenticity of each token’s stated history. These qualities enable crypto tokens to achieve a level of reliability that most other digital assets cannot match.

<aside> 💡 为什么需要tokenized？

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在传统金融中，许多证券化都是静态的：一群投资者向发行人提供资本，发行人为债务融资，然后在资产到期时偿还利息和本金。最后，投资者收回他们的资本加上收益。这种情况对投资者来说不是一件好事，反而会产生不必要的开销，因为他们必须在资金池到期后再投资。这也使得其他 DeFi 协议更难与 Centrifuge 集成，因为他们必须不断投资新的资金池。

2 相关金融概念

<aside> 💡 什么是ETF？

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什么是 ETF（交易所交易基金）？