**[Multicoin Capital: The Era of DeFi 2.0 Arrives, RWA On-Chain Unlocks New Investment Opportunities]** Golden Finance reported on September 25 that, according to a research article by Multicoin Capital, as real-world assets (RWA) such as U.S. Treasury bonds, stocks, and foreign exchange accelerate their transition to the blockchain, DeFi is evolving from the 1.0 stage to the 2.0 stage. Multicoin pointed out that DeFi 1.0 primitives (AMM, perpetual contracts, variable-rate lending, over-collateralization) were designed for highly volatile, long-tail crypto assets. RWAs, characterized by low volatility, narrow spreads, defined durations, high-quality collateral, and institutional participation, are driving the emergence of DeFi 2.0 primitives such as CLOB order books, RFQ quoting mechanisms, fixed-rate lending, options, dark pools, and portfolio margining. Many of these primitives have existed for some time but previously lacked suitable assets. Value will be captured along the technology stack: L1/L2 blockchains, core financial primitives, DeFi-native prime brokers, applications, and order flow layers. Key projects to watch include Pendle, Morpho, Midnight, Project 0, and Renegade.