Recently, I read an in-depth interview with Chris Yin, co-founder and CEO of Plume, conducted by Mars Finance, and gained a lot from it. The interview not only detailed Plume's practices in on-chaining RWA (Real-World Assets), but also gave me a more intuitive understanding of the potential of "crypto-native assets"—it's not just about asset digitization, but also a comprehensive upgrade of product design, user experience, and ecosystem building.

In the global crypto finance ecosystem, RWA is gradually becoming an important bridge connecting traditional finance and the on-chain economy, while Plume's exploration provides a new paradigm for the market and users: not only putting assets on the chain, but also making assets "move, combine, and generate returns".

On-chain is not a simple transfer, but a complete reshaping.

Many traditional financial institutions simply digitize assets when putting them on the blockchain. Take purchasing US Treasury bonds as an example: the traditional process is cumbersome—opening an account, filling out forms, minimum investment of hundreds of thousands of dollars, and transactions can only be conducted on trading days. The barriers to entry for ordinary investors wanting to participate in the global financial market are extremely high.

Plume took a different approach—redesigning the user experience in a crypto-native way. Chris Yin stated, "We're not just moving assets onto the blockchain, but giving them new life on the blockchain. Users can use stablecoins to buy government bonds, mining rights, or collectibles and immediately receive their share of the profits."

For example, if Xiao Zhang wants to buy on-chain government bonds, he only needs to select the contract in the Plume application, deposit 1000 USDS, click redeem, and the purchase is completed. The returns are automatically distributed daily. Compared to traditional banks, this process is more than ten times faster and greatly lowers the investment threshold.

Extensive product line: government bonds, mining rights, collectibles

Plume's RWA products cover multiple categories, from traditional finance to alternative assets, collectibles, and even institutional financial products, to meet the needs of different users.

• On-chain government bonds
• Users can purchase with USDS or other stablecoins, and the returns are automatically distributed. For example, investing 1000 USDS for two months, assuming an annualized return of 5%, would yield approximately $8 in returns over two months. Funds can be withdrawn at any time or used to participate in other portfolio investments.
• Mineral Vault mining token
• Plume tokenized approximately 3,000 oil wells in Texas, allowing ordinary investors to participate in stable cash flow returns. Within two months, the number of on-chain holders exceeded 85,000, representing more than 10% of the original shareholders. Users can earn returns with just a few clicks. Compared to traditional investments, this lowers the barrier to entry and increases liquidity.
• Collectible tokenization
• Plume also tokenizes rare collectibles such as whiskey, wine, and Pokémon trading cards on the blockchain. Users can enjoy appreciation and trading benefits without having to hold the physical assets, while the assets can be freely traded on the secondary market, achieving integration of investment and trading.

These cases demonstrate that Plume not only "puts assets on the blockchain," but also makes assets "move" on the blockchain, providing an unprecedented operational experience and liquidity.

Leverage Cycle: Unlocking On-Chain Yield Potential

Plume pioneered on-chain leveraged trading: users can borrow funds and reinvest in more assets, creating a cycle of returns. For example, Mineral Vault has facilitated approximately $40 million in leveraged trading. If Xiao Li invests 1000 USDS and borrows an additional 1000 USDS to invest in mining rights, his potential returns could double. This type of operation is typically only available to institutional investors in traditional markets, but Plume allows ordinary users to participate with low barriers to entry.

Full-stack strategy: Technology, compliance, and ecosystem in parallel

Building a complete RWA ecosystem is not only a technical issue, but also involves legal, regulatory, and operational aspects. Plume adopts a full-stack strategy, deploying everything from Layer 1 chains and Layer 2 protocols to application ecosystems to ensure the smooth implementation of asset on-chain deployment.

The Nest protocol simplifies complex RWA operations into a Uniswap-like experience: select a contract, deposit, and redeem to complete profit distribution. Users can manage their assets securely and efficiently without needing to understand the complex processes behind it. Meanwhile, Plume integrates KYC, AML, tax, custody, and compliance systems to ensure worry-free use for users worldwide.

User Stories: A Global Perspective

• Xiao Zhang (a Chinese user): He buys government bonds with stablecoins on Plume, and the returns are automatically distributed daily. He can withdraw his funds at any time or invest in collectibles, achieving flexible asset management.
• Xiao Li (European user): Invest in Mineral Vault mining rights, increase returns through leveraged cyclical operations, and reinvest some of the returns in on-chain collectibles to achieve a diversified investment portfolio.
• Institutional investors (US funds): Participate in global capital markets through Plume tokenized assets, while enjoying automatic profit distribution and liquidity management, with operational efficiency far exceeding traditional models.

These stories demonstrate Plume's ease of use and potential returns, making it easier for readers to understand the value of on-chain investing.

User Growth and Market Prospects

Plume's user expansion strategy consists of two phases:

1. Growth within the crypto ecosystem: attracting native crypto users and deep DeFi users, creating network effects through on-chain RWA products.
2. Global user expansion: By partnering with stablecoins and mainstream financial platforms (such as Revolut and Nubank), on-chain products are embedded into everyday financial scenarios to achieve natural user conversion.

Chris Yin pointed out: "RWA is still a small player in the crypto space. Stablecoins alone are worth about $200 billion, while RWA is less than $10 billion, which means there is huge room for growth. Plume hopes to bring global capital onto the blockchain and allow more users to enjoy the benefits of asset appreciation."

Looking to the future: The infinite possibilities of crypto-native RWA

Plume's experience demonstrates that on-chain RWA is not merely about asset digitization, but a comprehensive upgrade in product experience, ecosystem development, and profit mechanisms. Ordinary users can participate in high-quality global assets with low barriers to entry, enjoying instant trading, automatic profit distribution, and diversified portfolio capabilities; while ecosystem builders gain access to innovative products and service models.

Chris Yin concluded, “RWA’s future is just beginning. The most exciting ideas are yet to be born. We are building a whole new world where crypto assets and real-world assets will truly merge, creating unprecedented opportunities for users around the world.”