This article delves into the highly discussed Malu Grape RWA project, exploring whether it meets the standards of Real World Assets on the blockchain (RWA). The article reviews the core concepts of RWA, introduces a typical case of the Langxin Technology charging pile RWA project, and analyzes in detail the operational mechanism of the Malu Grape RWA project, including data certification, equity custody, and financing methods.
Recently, two highly regarded RWA (Real World Assets on the blockchain) projects have emerged in China, one being the previously discussed Langxin Technology charging pile RWA project, and the other being the recently popular Malu Grape RWA project. As Malu Grape gains popularity, more people have been consulting me. Everyone is asking, "If grapes can achieve RWA financing of 10 million, can my winery, museum, or even mine achieve RWA?" Today, we will analyze the Malu Grape RWA project to see if it can be considered a true RWA project.
First, let's review what RWA is.
RWA, or Real World Assets on the blockchain, as the name suggests, refers to the digitization of real-world assets through blockchain technology, allowing for trading and management on the blockchain. It can be likened to an "IPO for assets," introducing more investors through asset tokenization, thereby providing liquidity and a transparent management mechanism for the assets.
For example, the Langxin Technology charging pile RWA project
This year at the Bund Conference, Ant Group showcased an innovative model, successfully issuing asset tokens for charging piles through Hong Kong's regulatory sandbox, raising funds for domestic charging pile construction. This project has several characteristics that meet RWA standards:
Asset tokenization: The assets of the charging piles are digitized and become tokens that can be traded on-chain.
Market liquidity: Funds are raised through open and transparent channels, with a clear return mechanism.
Legal and audit compliance: Hong Kong's regulatory system protects investors' rights.
This can be considered a standard use case for RWA.
Now let's look at the Malu Grape RWA.
Malu Grape, as one of Shanghai's iconic agricultural brands, has been actively exploring the integration of digitalization and blockchain technology in recent years after more than 40 years of development. The Malu Grape RWA project, led by Left Bank Xinhui, integrates agricultural production data into project assets using blockchain technology, successfully completing 10 million yuan in equity financing through the Shanghai Data Exchange and equity custody platform. This is an innovative attempt to bring traditional agricultural assets into the digital asset realm.
So, can the Malu Grape RWA project be considered a true RWA?
Based on official reports and extensive materials I have reviewed, we have attempted to organize its operational mechanism for reference.
Data certification: Project data is credibly certified by Pujiang Shulian, ensuring data immutability and transparency.
Equity custody: Equity is managed through the "Guyu Chain" platform of the Shanghai Equity Custody Trading Center.
Equity financing: The 10 million yuan equity financing was completed through traditional equity financing methods, without achieving asset tokenization.
According to the "Trial Measures for the Supervision and Administration of Regional Equity Markets," the number of holders of each security cannot exceed 200. Therefore, Malu Grape's shares can only be split into a maximum of 200 parts for trading.
How to determine whether a project is a true RWA? Here are five key criteria:
- Asset-Backed: It must be an asset of actual value, such as real estate, energy facilities, or agricultural output.
- Tokenization: The asset must be converted into tokens that can be traded on the blockchain for small investments and distributed ownership.
- Legal & Custody: Does the project have legal and compliant third-party audit and custody guarantees?
- Market Liquidity: Can the tokens be publicly traded on-chain, and is there transparent market liquidity?
- Smart Contracts: Are dividends, profit distribution, and asset management automated through smart contracts?
Based on these five criteria, let's analyze Malu Grape:
Meets the criteria:
- Asset-Backed: Malu Grape, as a real agricultural brand, meets the requirement for the actual existence of the asset.
- Legal & Custody: It has introduced Pujiang Shulian and the Shanghai Equity Custody Trading Center, ensuring the legality and compliance of asset custody and information disclosure.
- Data certification and market confidence: By putting data on-chain, it has increased transparency and boosted investor trust.
Shortcomings:
- Tokenization: Malu Grape has not achieved asset digitization through on-chain tokenization but has used traditional equity financing methods. It has not converted assets into tradable tokens, making it difficult to achieve broader market circulation.
- Market Liquidity: The project's equity is still traded through traditional equity markets, without achieving open circulation in the on-chain market.
- Smart Contract Execution: The project has not automated profit distribution and asset management through smart contracts, lacking the core advantages of blockchain technology.
Therefore, our conclusion is:
Although the Malu Grape RWA project has made innovative attempts in the agricultural field, using blockchain technology for data certification and completing fundraising through traditional equity financing, it does not fully meet the core standards of RWA projects. Especially in terms of asset tokenization and market liquidity, it lacks true blockchain attributes. This makes it more like a "data-driven asset financing experiment" rather than a complete RWA project in the traditional sense.
However, the Malu Grape RWA project undoubtedly provides valuable practical experience for the development of RWA in China, especially in the context of domestic policies that have not yet been fully clarified. This innovative attempt has significant industry reference value. As RWA serves as a bridge between Web3 and real-world assets, its future potential is limitless. We will continue to monitor the latest developments in the global RWA field, deeply researching how to help domestic enterprises achieve RWA, and bringing the latest industry interpretations to everyone.
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