Multicoin: RWA on-chain will usher in the DeFi 2.0 era, with order books and RFQs set to replace AMM dominance.
Tapbit news, September 25: Spencer Applebaum, co-head of venture capital at crypto VC firm Multicoin Capital, published a long article titled "DeFi 2.0." The article points out that early AMMs, overcollateralized lending, floating-rate pools, and perpetual contracts were designed for highly volatile crypto assets such as BTC and ETH; RWAs like Treasuries, equities, and commodities have lower volatility, cash flows, and identifiable borrowers, and institutions care more about execution quality, duration, and credit, so the same set of primitives can no longer be rigidly applied.Spencer Applebaum states that DeFi 2.0 must add capabilities such as order books or RFQ (Request for Quote), fixed-rate and term lending, interest rate derivatives, options and structured products, repo and dark pools, portfolio margin, and yield splitting. Tokenization is only the first step; value will accrue to public chain blockspace, fees from core primitives, brokerage aggregation layers, and application order flow; as RWA scale grows, these primitives that "have long existed but were applied to the wrong assets" will truly capture the market.[Source]
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