Viewpoint: This round of bull run has shifted from "public chain narrative" to "revenue narrative" dominance.

Author: Haotian

The news that PLUME is about to launch on Binance has once again brought the spotlight to this new RWAFi contender. With a TVL exceeding 330 million USD in just 2 months, and over 177,000 RWA holders firmly at the top, has Plume made a narrative correction for the RWAFi sector using data?

1. At first glance, the two figures of 177,000 RWA holders and 330 million USD may seem abstract, but if we say that the 177,000 RWA holders exceed the total number of RWA holders in Ethereum and Solana, and that the 330 million USD TVL is backed by a capital utilization rate of over 90%, it might give a fresh perspective on this “top player” that has always been at the forefront of RWAFi.

2. If the last bull market was dominated by the “public chain narrative”, this round has clearly shifted to the “yield narrative”. The yield triangle formed by Plume, Ethena, and Ondo represents three different paths: Ethena focuses on stable yield through synthetic dollars, Ondo specializes in traditional fixed income such as government bonds, while Plume has chosen mixed yield — combining TradFi returns with DeFi strategies.

This way, we can combine the stability of TradFi government bonds with the aggressiveness of DeFi’s circular leverage. After all, this point’s revenue model is not a house of cards; behind it, there is over $40 million of RWA circular funds operating in real-time.

3. What is even more intriguing is the way in which the giants are participating. Traditional financial behemoths like Apollo, Galaxy, and Fidelity are not simply investing money and waiting for returns; instead, they are directly issuing and deploying assets on Plume. This deep binding of being both shareholders and customers somewhat addresses the most challenging cold start problem of RWA - having assets, liquidity, and endorsement, a trinity.

That’s it.

Of course, even so, the challenges of the RWAFi track still exist. The main issues are the uncertainty of regulation and the acceptance level of traditional institutional players. Plume chooses a pragmatic approach to solidify the points of “capital efficiency” and “real returns,” which are important to traditional institutional players. By using a new narrative on returns to demonstrate the value of the underlying infrastructure, this is likely more persuasive than any other grand narratives or visions.