Going by technology theorist Carlota Perez's research, 'RWAs' may be the next phase of substantive crypto development.
At what we hope is the end of a bitter crypto winter, history offers foresight that good times will return., technology is adopted in predictable waves — exuberant bubbles are followed by seemingly existential crashes prior to long"golden ages" of growth.
In other words DeFi and NFTs may leverage superior technology, but are transacted primarily with volatile, small market cap digital assets.According to Perez, this is both valuable and normal. New technological infrastructure is laid down in the initial installation period during a frenzy of investment, which is followed inevitably by a failure to meet such high expectations and a financial crash.
Here, RWA tokenization merely reduces the role of intermediaries, whilst enabling faster, cheaper and more transparent transactions. However, the full potential of Web3 technology is not yet being fully realized, since most RWA tokenization platforms require trust in some sort of intermediary to honor the redemption of the tokenized asset. If the intermediary evaporates, then so too can the claim on the underlying asset.
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