This round of bull run has shifted from the "public chain narrative" to the "revenue narrative" as the main focus.

Author: Haotian Source: X, @tmel0211

The news that PLUME is about to be launched on Binance has once again brought the spotlight onto this new RWAFi contender. With a TVL exceeding $330 million in just 2 months, and over 177,000 RWA holders firmly in the lead, has Plume made a narrative correction for the RWAFi track with data?

1. At first glance, the 177,000 RWA holders and the $330 million in data may not seem meaningful, but if we say that the 177,000 RWA holders exceed the total number of RWA holders of Ethereum and Solana combined, and that the $330 million TVL is supported by a capital utilization rate of over 90%, it might give a new perspective on this “top player” that has always been cultivating the front line 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 yields from synthetic dollars, Ondo concentrates on traditional fixed income like government bonds, while Plume chooses a mixed yield approach — combining TradFi returns with DeFi strategies.

This way, we can combine the stability of traditional finance government bonds with the aggressiveness of DeFi’s circular leverage. After all, the yield model is not a castle in the air; there are over $40 million in RWA circulating funds operating in real-time behind it.

3. What is even more intriguing is the way these giants are participating. Traditional financial behemoths like Apollo, Galaxy, and Fidelity are not just simply investing money and waiting for returns; 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, the trinity.

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Of course, even so, the challenges in the RWAFi sector still exist, primarily due to regulatory uncertainties and the acceptance of traditional institutional players, among other factors. Plume chooses a pragmatic approach to solidify the points of “capital efficiency” and “real returns,” which are important to traditional institutional players, using a new narrative of returns to substantiate and drive the value of the underlying infrastructure. This is likely more persuasive than any other grand narrative or vision.