On September 25, news emerged from a research article by Multicoin Capital, stating that as real-world assets (RWA) such as U.S. Treasury bonds, stocks, and foreign exchange accelerate their onboarding to blockchain, DeFi is transitioning from phase 1.0 to 2.0. Multicoin pointed out that the primitives of DeFi 1.0 (AMM, perpetual contracts, floating rate lending, over-collateralization) were designed for high-volatility, long-tail crypto assets. RWA features low volatility, narrow spreads, duration, high-quality collateral, and institutional participation, which have given rise to DeFi 2.0 primitives such as CLOB order books, RFQ pricing, 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 tech stack: L1/L2 public chains, core financial primitives, DeFi-native prime brokers, and application and order flow layers. Key targets include Pendle, Morpho Midnight, Project 0, and Renegade.
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Multicoin Capital: The Arrival of DeFi 2.0 Era Driven by RWA Onboarding
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