Partnered With:

Overview of the RWA track: Progress of the top 10 projects and summaries of 20 early-stage projects.

Read this article in 42 Minutes

Many RWA projects received investments from well-known investors around 2021, but the overall follow-up development has been relatively slow.

Original author: flowie, Chain Hunter

Despite the constant questioning of RWA's old story of cutting new wheels, institutions have been continuously entering the market to "add bricks and tiles" to RWA since the beginning of the year. The rising trend of RWA concept tokens has indeed brought some highlights to the sluggish cryptocurrency market.

At the beginning of the year, we briefly analyzed the reasons for the rise of RWA in the article "Binance, Goldman Sachs and other large institutions compete to lay out RWA, is it the next growth engine of DeFi or a flash in the pan?". At that time, the successive entry of large institutions such as Binance, Goldman Sachs, Hamilton Lane, and Siemens, as well as the intensive layout of some on-chain US bond agreements, attracted attention to RWA. Behind the concentrated surge of on-chain bonds, a key driving factor is that the low yield of DeFi in the bear market cannot meet the profit needs of cryptocurrency users. Under the continuous interest rate hike of the Federal Reserve, on-chain US bonds do provide a new profit solution for cryptocurrency users.

After a few months, under the narrative of the crackdown by the US SEC regulatory agency, the entry of TradFi institutions such as BlackRock's application for a Bitcoin spot ETF, and other regulatory compliance contexts, the RWA may once again erupt. Recently, there have been a series of highly publicized events in the RWA field:

- Compound founder establishes new company "Superstate" and seeks to tokenize US Treasury bonds on Ethereum;

- Maker purchased $700 million worth of US bonds and increased the short-term US bond investment limit to $1.28 billion;

- More noteworthy is the entry of the national team: China International Capital Corporation (CICC) issued 200 million digital notes through UBS for the Hong Kong market. This is the first such product that complies with Hong Kong and Swiss laws and is tokenized on the Ethereum blockchain.

- The Hong Kong Securities and Futures Commission (SFC) has changed its attitude towards RWA assets. Elizabeth Wong, head of the FinTech group, stated in an interview with Eliptic that SFC will soon release an update, in which Securities Tokens or RWAs will not be defined as complex products and will have the opportunity to be opened to retail investors. RWA will be regulated based on underlying assets.

- In addition, Sun Yuchen, who never misses any hotspots, is also not idle. On July 4th, the TRON ecosystem of Polkadot announced the launch of the RWA stable staking product stUSDT, which allows users to stake USDT to obtain RWA rewards.

After several months of preparation at the beginning of the year, the successive assists of the old DeFi protocol and the national team's entry have made the reaction of the RWA secondary market strong, and tokens such as MRK and COMP have risen sharply.

At the same time, compared to the first half of the year, the encryption community's skepticism towards RWA seems to have eased, and there are also such sentiments: many Crypto natives who sneered at RWA are just like their attitude towards DeFi Summer in 2020, and the result is that they missed a wave of innovation.

Due to the broad definition of the RWA concept, the actual development of this field feels vague. This article mainly combines the RWA section of the encrypted data platform RootData to sort out the specific top projects under the RWA concept and some early projects that have highlights in financing or model aspects, providing an overview of the development of the RWA track.

RWA represents the latest progress of the top representative project

According to the data compiled by CoinMarketCap, the total market capitalization of RWA concept tokens currently exceeds 2 billion US dollars.

Except for some well-established DeFi projects, the overall RWA projects are still in the early stage. Let's first sort out the relatively leading projects in different sub-fields and understand their actual progress or plans in RWA planning in the past six months. Overall, the top 10 RWA concept tokens with higher market value have risen in the past month, with Compound having the highest increase, exceeding 100%.

On-chain USDT

1、MakerDAO（MKR）

MakerDAO's stablecoin DAI, which is pegged to the US dollar, is one of the most common use cases for RWA. MakerDAO is also one of the early DeFi protocols to include RWA in its strategic planning. In 2020, it passed a proposal to use RWA as collateral in the form of tokenized real estate, invoices, and accounts receivable to expand the issuance of DAI.

MakerDAO has established multiple RWA vaults, with most of the collateral being US Treasury bonds. Despite the overall downturn in DeFi this year, MakerDAO has continued to expand its RWA portfolio, particularly in investments related to US Treasury bonds.

MakerDAO is based on RWA treasury Source: Source: Dune Analytics (@SebVentures), Binance Research

In April, MakerDAO approved the opening of a Real World Asset (RWA) vault for Coinbase custody services, and transferred up to $500 million worth of USDC stablecoin. The Coinbase custody department will pay an annual interest rate of 2.6% for deposits.

In June, MakerDAO purchased and invested in US Treasury bonds through RWA vaults. MakerDAO first passed a community vote to add BlockTower Andromeda (RWA015) as a new type of Real World Asset (RWA) vault, managed by asset management company BlockTower Capital. The vault will invest up to $1.28 billion in short-term US Treasury bonds, with funding coming from Maker's over-collateralized stablecoin DAI. Maker will pay BlockTower Capital a 0.15% management fee.

Soon after, MakerDAO purchased $700 million in US Treasury bonds through digital asset management company Monetalis Clydesdale Vault. Together with the $500 million in bonds purchased by MakerDAO in October 2022, its total bond holdings now exceed $1.2 billion.

By allocating assets more effectively to government bonds and investment-grade bonds in the balance sheet, as well as increasing fees charged to DAI borrowers, MakerDAO has seen a significant increase in revenue. According to Defilama data, MakerDAO's profit reached $8.32 million in June, up from $5.48 million in May and over $3 million before April. With rising revenue and profits, MakerDAO announced in June that the DAI deposit rate would be increased from 1% to 3.49%, more than triple the previous rate.

According to the Dune panel data analysis compiled by @SebVentures, the RWA assets of MakerDAO are gradually expanding, accounting for 45% of all its assets, far exceeding the proportion of stablecoin assets at 26%, and contributing over 52% of MakerDAO's revenue.

2、Compound（COMP）

Compared to MakerDAO's focus on RWA, Compound's sudden announcement of the establishment of a new company, Superstate, focused on on-chain bonds, quickly ignited the market.

It is reported that Superstate's fund will invest in "ultra-short-term government securities", including US Treasury bonds, government agency securities, and other government-supported tools. Superstate announced that it has completed its seed round of financing, and the specific amount of financing has not been disclosed. This round of financing was participated by ParaFi Capital, 1kx, Cumberland, CoinFund, and Distributed Global. However, Superstate is still in the application stage at present.

3、Aave（AAVE）

Aave followed MakerDAO in announcing the launch of the RWA market in 2021, allowing for collateralized borrowing and lending of real-world assets. Like MakerDAO, Aave uses Centrifuge as its RWA provider, and its RWA market allows Aave depositors to earn returns on real-world collateral, while Centrifuge asset originators can borrow funds from Aave. Currently, the Aave RWA market has a size of around $7.635 million, with only one USDC market offering deposit and borrowing APY, while other markets are no longer available.

And in February of this year, Aave's native stablecoin GHO launched its testnet. GHO is an over-collateralized stablecoin supported by multiple cryptocurrencies. Subsequently, lending protocol Centrifuge proposed to introduce RWA into Aave and use it as collateral for the native stablecoin GHO.

In June, the Aave community initiated the ARFC proposal "Native Stablecoin GHO Launches on Mainnet". If the proposal is approved, GHO will operate on the Ethereum mainnet, and Aave V3 users on Ethereum will be able to use collateral to mint GHO. The DAO treasury will receive 100% of the GHO lending interest as additional income.

With the continuous efforts of MakerDAO and Compound in RWA, Aave is also rumored to be stepping up its pace in RWA.

4、Ondo Finance

Ondo Finance was founded in 2021, with team members from various institutions and DeFi protocols such as Goldman Sachs, Fortress, Bridgewater, and MakerDAO. Ondo Finance has currently raised $34 million in investment from well-known institutions such as Pantera Capital, Coinbase Ventures, Tiger Global, and Wintermute.

Ondo Finance launched a tokenized fund earlier this year, allowing stablecoin holders to invest in bonds and US Treasuries. Ondo Finance currently supports four investment funds - US Money Market Fund (OMMF), US Treasury (OUSG), Short-Term Bond (OSTB), and High-Yield Bond (OHYG), which are marked as RWAs (called "fund tokens"). After completing the KYC/AML process, users can trade fund tokens and use them in permitted DeFi protocols.

The Ondo Finance team has also developed a decentralized lending protocol called Flux Finance, which specializes in investing in BlackRock's iShares Short-Term Treasury Bond ETF (SHV). The protocol offers a variety of tokens available for lending, such as USDC, DAI, USDT, and FRAX, with OUSG being the only collateral asset. OUSG holders who have gone through KYC can deposit into Flux Finance for lending, while lenders can provide stablecoins to earn profits. Earlier this year, Flux Finance went live on the Ethereum mainnet.

According to data analysis from Dune panel, the current market value of bond tokens exceeds $200 million, with Ondo (OUSG) holding nearly 50% of the market share and a market value of over $130 million. Meanwhile, the total value locked (TVL) in Flux Finance has also exceeded $40 million.

借贷

translates to

Borrowing and Lending

in English.

5、Centrifuge（CFG）

Founded in Centrifuge is one of the earliest DeFi protocols involved in RWA, and also a technology provider behind top protocols such as MakerDAO and Aave. Currently, Centrifuge has a total of 17 RWA asset pools.

According to the latest semi-annual report released by Centrifuge, BlockTower, a $220 million RWA vault deployed by MakerDAO this year, has brought significant growth to Centrifuge, helping its TVL rise to $210 million.

Another major development is that Centrifuge has launched Centrifuge Prime, a service and technology suite that helps DeFi protocols support RWA. Centrifuge Prime includes a compliance legal framework specifically designed for DAOs and DeFi protocols, a complex tokenization and issuance platform, decentralized and objective credit risk and financial reporting, as well as diverse asset classes and issuers, solving many issues related to KYC and legal recourse. It is worth mentioning that with the popularity of RWA, Centrifuge will host an RWA-themed summit in New York on September 19th, which is worth paying attention to.

However, Centrifuge's RWA asset pool has also been exposed to some bad debt issues. According to the blockchain credit analysis platform rwa.xyz, about $5.8 million in unpaid loans are outstanding in Centrifuge's two lending pools, including consumer loans, invoices, and trade receivables.

And the most troubled lending pool on Centrifuge is the one that provides funding to 1754 Factory for the purchase of short-term capital point payment bonds, and provides small loans to French customers of Bling Financial Technology. 16 active loans worth about $5.1 million in the loan pool have exceeded their repayment deadlines, and some of the loans have repayment periods of more than 150 days. In addition, there are four loans worth $3.3 million in the REIF pool that provide funding for commercial real estate mortgages that are overdue for payment.

6、Goldfinch（GFI）

Goldfinch, created by former Coinbase employees, entered the game later than Centrifuge, but it has obtained large-scale financing from well-known institutions with its innovative model. According to RootData data, Goldfinch has completed three rounds of financing, raising a total of $37 million, with participation from a16z, SV Angel, Alliance DAO, Balaji Srinivasan, Ryan Selkis, and others.

Goldfinch mainly provides loans to debt funds and fintech companies, providing borrowers with USDC credit lines and supporting their conversion into fiat currency. Goldfinch's model is similar to traditional banking in finance, but with decentralized auditors, lenders, and credit analysts. The auditor who audits the borrower for Goldfinch must have pledged governance tokens GFI. Goldfinch can offer high yields because of its low collateral threshold, and its borrowers can pay interest rates of 10-12%, and there have been no bad debt situations so far.

At the beginning of this year, Goldfinch announced a pilot project that only allows obtaining credit on Goldfinch by utilizing on-chain cash flow. In addition, Goldfinch has launched a new transaction structure: redeemable loans. This product allows investors to choose to withdraw their investment before the loan's final maturity date. For the first transaction, the call payment term will be set every three months, requiring 60 days of advance notice, but these parameters are customizable in the product's smart contract.

Goldfinch also announced a $2 million transaction with fintech company Fazz Financial, which can provide users with a fixed annual interest rate of 13% USDC, supporting 90-day redeemable loans with 60-day advance notice. It is worth mentioning that this alternative asset class is not affected by cryptocurrency or stock market fluctuations, and its returns come from real-world economic activity. This issuance will not be registered under the 1933 US Securities Act or any securities regulatory agency in any state or other jurisdiction of the United States. Users participating in this issuance are limited to US accredited investors and non-US persons who have completed accredited investor certification through Parallel Markets.

7、MAPLE（MPL）

Compared with asset-backed private loan agreements, Maple provides high-activity loans in a bull market due to its unsecured model. Unlike Goldfinch, which uses users as auditors, Maple employs professional credit examiners to strictly audit the borrower's credit. However, under the unsecured model, with the collapse of Three Arrows Capital, FTX, and others, Maple has incurred bad debts of $52 million and has been controversial due to the need for KYC for borrowing. Recently, Maple has expanded to a real asset-backed lending model to reduce risk.

In April of this year, Maple Finance announced the launch of its US Treasury bond pool, causing its token $MPL to surge over 20%.

8、TrueFi（TRU）

TrueFi is an unsecured lending protocol driven by on-chain credit scoring. Since its launch in November 2020, TrueFi has issued over $1.7 billion in loans to more than 30 borrowers and paid out over $40 million in interest to protocol participants. Borrowers include leading cryptocurrency institutions as well as fintech companies, credit funds, and traditional financial institutions.

TrueFi has raised over $30 million in funding, with participation from a16z Crypto, BlockTower Capital, Foundation Capital, Distributed Global, ZhenFund, GGV Capital, Jump Trading, Danhua Capital, and others.

合成资产

translates to

Synthetic Assets

in English.

9、Synthetix（SNX）

Synthetix is a decentralized synthetic asset protocol. Users can stake SNX to mint synthetic assets (sUSD) Synths, which not only support synthetic stablecoins but also track the prices of foreign exchange, stocks, commodities, and other assets.

In March of this year, Synthetix completed a $20 million financing for DWF Labs and announced that DWF Labs will provide liquidity and market making for SNX. In addition, Synthetix also released version 3, which adds types of collateral assets, is compatible with EVM, supports cross-chain deployment, and optimizes developer tools.

Security Token Offering (STO) dedicated Layer1

10、Polymesh（POLYX）

Polymesh is an institutional-grade blockchain built for regulated assets such as security tokens. In April, Binance announced its role as a node operator for Polymesh, causing POLYX to surge over 10% in response.

Chain-based Real Estate Investment Platform

11、Propy（PRO）

Propy is a blockchain-based real estate platform that supports buying and selling houses using cryptocurrency and buying and selling houses in the form of NFTs.

On July 6th, Propy also announced the integration of AI to improve efficiency in real estate transactions. Amidst the dual hot topics of RWA+AI, the Propy token PRO rose over 200% from $0.268 to $0.571.

二、一览 RWA 七大细分板块的 20 个早期项目

Translation:

2. Overview of 20 early-stage projects in the 7 sub-sectors of RWA

It is worth mentioning that many RWA projects have received investments from well-known investors in 2020 and 2021, but the overall follow-up development has been slow. The main narrative is still about how to invest crypto funds into real-world assets such as real estate and bonds, and lenders can borrow against real assets as collateral.

On-chain Bond Investment Platform

1、MoHash

MoHash is a yield product that provides investors with real-world debt assets support. In June 2022, MoHash raised $6 million in funding led by Sequoia Capital, with participation from Jump Crypto, Coinbase Ventures, Coinswitch, Balaji Srinivasan, LedgerPrime, hash Ventures, and others. It is reported that MoHash has recently been testing a pure on-chain asset special option trading platform BBZ, in addition to its attempts in the bond market.

2、OpenEden

OpenEden is an on-chain US bond protocol that allows users to invest in US Treasury securities through its native stablecoin TBILL, with an expected annualized return of 5.3%. This allows users to hold US bonds without being limited by US trading hours, and TBILL can be redeemed at any time. Currently, TBILL TVL has reached $12.96 million.

3、KUMA Protocol（MIMO）

KUMA Protocol is a newly established project this year, which provides interest-bearing tokens backed by bonds for investors to earn profits. The KUMA protocol originated from the work of two different organizations: Mimo Labs and the newly established Kuma DAO. Mimo Capital AG tokenizes bonds using NFT technology, while the KUMA protocol is a decentralized entity managed by MIMO token holders, which utilizes these bond tokens to issue KUMA interest-bearing tokens.

借贷平台

translates to

Loan Platform

in English.

4、Defactor（FACTR）

Defactor is an investment and financing platform that connects traditional finance and DeFi, providing loans for small and medium-sized enterprises in traditional finance. Although Defactor is an early-stage project, it is worth mentioning that Defactor was a Web3 startup supported by Huawei and Dogpatch Labs in the "Huawei International Scaling Program" held in Ireland. Earlier this year, Huawei's official Twitter account also recommended Defactor, and the governance token FACTR of Defactor surged by up to 800%. In the past seven days, FACTR has also risen by more than 30% under the narrative of RWA.

5、AlloyX

AlloyX is a decentralized credit protocol. Lenders provide funds to a vault in the form of USDC, and the assets of the stored tokens are aggregated and allocated based on the parameters set by the vault. By depositing USDC, users receive insurance tokens based on a floating exchange rate and earn profits.

Users can construct and customize investment strategies based on their own preferences for returns, risks, and liquidity. AlloyX aggregates almost all investments in credit and US Treasury agreements, including Credix, Goldfinch, Centrifuge, Flux Finance, and Backed Finance.

On June 29th, AlloyX completed a $2 million Pre-Seed round of financing and announced the launch of its mainnet. Its investors include Hack VC Circle Ventures, DCG, and others.

6、OpenTrade

OpenTrade mainly provides investment channels for on-chain supply chain financial products for Web3 enterprises. Circle is OpenTrade's partner, allowing Web3 enterprises to provide financing for small and medium-sized enterprises through USDC assets and obtain investment returns. OpenTrade just completed a $1.5 million financing in May, with participation from Sino Global Capital, Kronos Research, Kyber Ventures, Polygon Ventures, Outlier Ventures, and Circle Ventures.

7、Clearpool（CPOOL）

Clearpool is a decentralized credit protocol, and whitelisted institutions can borrow unsecured liquidity from the decentralized lending network. Clearpool raised $3 million in seed funding in 2021, with participation from HashKey Capital, Sequoia India, Sino Global Capital, Wintermute, Huobi Ventures, and others.

Clearpool's founder has also founded institutional-grade digital asset custodian Hex Trust, which has also received nearly $100 million in funding from well-known institutions.

8、Polytrade（TRADE）

Polytrade is similar to OpenTrade, helping Web3 institutional investors invest stablecoins in small and medium-sized enterprises to generate profits. Currently, the deposits on the Polytrade platform have exceeded $110 million. Polytrade has raised a total of $5 million in two rounds of financing, with investors including Polygon Ventures, LD Capital, Shima Capital, and Matrix Partners.

9、NAOS Finance（NAOS）

NAOS Finance is a decentralized lending protocol that allows Web3 users to borrow and lend to traditional industry enterprises, earning fixed-rate returns.

NAOS Finance completed a $5.1 million private placement financing in 2021, with up to 30 investors including CMS Holdings, HashKey Capital, OKX Ventures, Spartan Group, Alliance DAO, Collider Ventures, A&T Capital, Hash Global, Hot DAO, Richard Ma, Liang Xinjun, SNZ Holding, Blockchainer, Crypto.com Capital, Coinbase Ventures, and more.

However, according to NAOS Finance's official Twitter account, NAOS Finance's finances were affected by the FTX scandal. The V2 version, which was supposed to be launched around the end of last year, was unable to go live, and the fund pool data on the official website could not be displayed, with TVL showing zero. However, its token has risen more than 10% in the past 7 days.

10、ReSource Finance（SOURCE）

ReSource is a decentralized protocol for commercial credit that uses products and services as collateral. The platform automatically creates a novel credit system to rate creditors, in order to select the best businesses to expand credit limits. ReSource uses various data oracles to create credit scores by providing data on multiple factors, including FICO credit scores, bank statements, accounting software APIs, and market reviews. ReSource completed a $1.7 million seed round financing in 2021, with participation from NGC Ventures, BlockRock Capital, Flori Ventures, and others.

11、Credefi（CREDI）

Credefi is a credit agreement that provides encrypted loans for traditional small and medium-sized enterprises in the European Union. The lender needs to use physical economic assets as collateral. At the end of 2021, Credefi completed a $1.8 million seed round of financing.

12、Opulous（OPUL）

Opoulous provides music copyright NFTs and DeFi loans for musicians, and attracts fans to invest. Opulous has completed two rounds of financing, with a seed round of $1.5 million, with investors including Algorand Foundation, Kosmos Ventures, and others.

Chain-based Real Estate Trading Platform

13、Parcl

Parcl is a real estate derivative protocol that allows Web3 users to long or short the real estate market of a global region using their own cryptocurrency. Parcl completed its mainnet launch in January of this year and has raised over $12 million in funding through two rounds, with investors including Dragonfly, Solana Ventures, Hack VC, Shima Capital, Solana Ventures, Slow Ventures, Coinbase Ventures, and others.

14、Intelly（INTL）

Intelly is a fragmented NFT (F-NFT) real estate investment platform. Investors will be able to use Intelly's INTL token to purchase partial real estate assets on the platform. In addition to direct wallet investment, Intelly also allows users to stake cryptocurrencies in their Binance accounts to earn profits. There are multiple staking options available, including 1 day, 1 week, 1 month, 90 days, 180 days, and 365 days.

Additionally, Intelly is also about to launch the real estate trading market Intelly Exchange, where real estate owners can create and publish F-NFTs related to their projects for investors to invest in. Investors will receive returns in stablecoin form. The INTL token has risen by 38% in the past month.

15、CitaDAO（KNIGHT）

CitaDAO is an on-chain real estate investment platform. Investors can subscribe to a portion of their real estate tokens at an agreed price by issuing IRO (Introducing Real Estate On-chain) through a certain real estate project. If they miss the IRO, they can also directly purchase their real estate tokens with USDC to obtain profits.

Investors who purchase real estate tokens can also choose to pledge them in the liquidity pool to provide liquidity and receive rewards in the form of CitaDAO token KNIGHT.

On-chain carbon credit trading market

16、KlimaDAO（KLIMA）

KlimaDAO is a voluntary carbon credit trading market that has issued the carbon-backed algorithmic currency KLIMA token, with each KLIMA token pegged to 1 BCT (Basic Carbon Ton) token. Users can stake KLIMA on Klima DAO to generate income. At the same time, KlimaDAO promotes the appreciation of carbon credits in the VCM (Voluntary Carbon Market) by purchasing and hoarding as many credits as possible and locking them in its treasury to encourage emissions reduction. So far, KlimaDAO has a trading volume of over 4 billion US dollars.

It is reported that Klima DAO is a forked project of the stablecoin protocol Olympus DAO. It went live at the end of 2021 and accumulated a treasury asset worth more than $110 million in less than a month. It is a popular Web3 project in the carbon credit market. Last year, Polygon also announced that it would purchase $400,000 worth of traceable carbon credits through Klima Infinity, the on-chain carbon market of KlimaDAO.

Infrastructure

17、Realio Network（xRIO）

Realio Network is a Layer1 focused on the issuance and management of digital native real world assets (RWA). It has received token investment from Algorand.

It is worth mentioning that in the continuous crackdown on the cryptocurrency market by US regulators this year, Realio Network founder criticized the US government's unfriendliness towards cryptocurrency in a post in June. The company has been focused on compliance since its founding in 2018 because investing in real-world assets, whether on the blockchain or not, usually requires compliance with securities laws. However, the inaction of the US government has made compliance difficult, and ultimately he decided to leave the US market.

18、Boson Protocol（BOSON）

Boson is a public commercial infrastructure that can tokenize, transfer, and trade any physical object as a redeemable NFT. Boson has raised over $10 million in funding from investors such as Animoca Brands and FBG Capital.

藏品投资平台

translates to

Collectibles Investment Platform

19、Tangible（TNGBL）

Tangible is a platform for investing in real-world physical assets such as gold, wine, and watches through NFTs. On Tangible, users can purchase physical goods such as gold, wine, and watches from global suppliers using Tangible's stablecoin USDR. Upon successful payment, a TNFT ("Tangible Non-Fungible Token") is minted as proof of purchase for the physical item. The physical item is then sent to one of Tangible's secure and insured storage facilities, while the TNFT is sent to the buyer's wallet. Users can also create NFT markets supported by physical goods on Tangible for selling their products.

It is worth mentioning that Tangible's stablecoin USDR is a collateralized stablecoin that generates income mainly from tokenized real estate used as collateral, and holding this stablecoin can generate income. Currently, Tangible's TVL has reached $51.18 million, and the token has increased by more than 40% in the past month.

合成资产

translates to

Synthetic Assets

in English.

20、Horizon Protocol（HZN）

Horizon Protocol is a synthetic asset platform on the BNB chain. Synthetic assets on Horizon Protocol are called "zAssets", which can track the price changes and risk-return status of traditional assets such as stocks or stocks, commodities such as gold and oil, currencies such as dollars or euros, and crypto assets such as Bitcoin. Users can pledge their HZN to mint synthetic assets zAssets and earn interest.