RWA and DeFi Convergence Drives Programmable Finance Transition

HTX Research has released a new report that analyzes the convergence of RWA (Regulatory Working Asset) tokenization and DeFi cash-flow valuation in the crypto market.

The report, titled From Asset Tokenization to Cash-Flow Tokenization: RWA and DeFi Enter the Second Half of Programmable Finance, argues that these two seemingly separate topics are actually pointing to the same industry transition: from 'asset existence' to 'asset utility,' and from 'protocol usage' to 'protocol profitability.'

The report suggests that this convergence is driven by the increasing adoption of programmable finance, which enables the creation of new financial instruments and applications.

HTX Research's analysis indicates that the crypto market is moving towards a more utility-driven approach, where assets are no longer just held for their existence but are instead used to generate value through cash-flow valuation.