Multicoin: RWA on the blockchain will usher in the era of DeFi 2.0, with order books and inquiries replacing AMM's dominance BlockBeats News: On September 25th, Spencer Applebaum, co head of venture capital at cryptocurrency venture capital Multicoin Capital, published a long article titled "DeFi 2.0". The article points out that early AMMs, over collateralized lending, floating rate fund pools, and perpetual contracts were designed for high volatility cryptocurrency assets such as BTC and ETH; Treasury bond, stocks, commodities and other RWAs have lower volatility, cash flow and identifiable borrowers. Institutions pay more attention to transaction quality, term and credit, and can no longer rely on the same set of primitives. Spencer Applebaum stated that DeFi 2.0 requires the ability to add order books or RFQs (Request for Quote), fixed rate and term lending, interest rate derivatives, options and structured products, repurchases and dark pools, portfolio margin, and revenue splitting. Tokenization is only the first step, and value will be deposited in the public blockchain space, core primitive transaction fees, brokerage aggregation layer, and application order flow; After the RWA scale grows, these primitive assets that have long existed but are incorrect will truly enjoy the market. [Original link]