Centrifuge, a platform aimed at bringing Real-World Assiva (RWAS) into the chain, announced today on 22 May that the RWA products of institutional quality has launched on the Solana Blockchain.
The first token, Dejtrsy, represents American treasuries in the short term and is now available on three Solana platforms: Trade protocol Raydium, Lending Platform Kamino and structured yieldgregator Lulo.
The launch comes as Solana’s Stablecoin market capitalization has recently reached a new high point of $ 13 billion, according to Defillama. It builds on the newly launched Derwa Standard of Centrifuge, who supports “fairly transferable tokens that are designed to seamlessly integrate with Defi”, viewed by the Defiant according to a press release.
Centrifuge notes that these tokens move on ‘Solana speed’, so that users can treat them like any other crypto – which means that you can exchange them, borrow or lower path.
“We are currently aimed at expanding Derwa’s coverage about core acid classes with strong institutional importance,” Centrifugee Bhaji Illuminati told The Defiant, pointing to upcoming plans:
“At the moment these are tokenized treasuries and in a few weeks we will announce our next higher return product to the return that will be available for the Solana Ecosystem.”
Centrifuge currently has locked a total value (TVL) of around $ 441 million and a market capitalization of $ 115 million, according to Defillama Data. In the meantime, the centrifuge RWA protocol is the 8th largest in TVL. According to TracxN, the company has raised more than $ 27 million in five financing rounds.
Centrifuge TVL. Source: Defillama
What’s in the store?
When asked how she sees RWA evolving on Solana, Illuminati said that she would expect to see deeper integration into the ecosystem for the next 6 to 12 months. “Native composability on Solana makes credit markets, yield strategies and structured products possible to absorb Derwa seamlessly,” she explained.
She noted that protocols are already on their way to direct collateral support and generating yield, while new Defi building blocks are on the rise to support institutional onboarding and unlock secondary liquidity. “There will be a place for both permitted and freely transmitted products within the Solana Ecosystem, and we would like to offer both,” she added.
Nick Ducoff, head of institutional growth at Solana Foundation, said in a statement in the press release: “At Solana we are focused on the faster, more efficient and more relevant economy. Real-World assets are a crucial part of that vision and freely transferable tokens make it possible.”
Illuminati also hinted that the expansion of centrifuge will not stop with Solana. “We started with Solana to take advantage of the performance and composability, but EVM support will be coming soon,” she said. “We will expand based on ecosystem demand, with interoperability and institutional readiness as important priorities.”
Centrifuge recently worked with Wormhole to launch a Multichain tokenization platform. The collaboration also included Anemoy, a Web3-Native Asset Manager built on Centrifuge.
Elsewhere in Solana Defi, Cross-Chain Interoperability Protocol (CCIP) from Chainlink was deployed on Solana earlier this week, so that developers in the Ecosuystem access were given to the data feeds of the Oracle.
