Dmitriy Berenzon ✓
@dberenzon · San Francisco · joined 26 Dec 2012
Partner @archetypevc. Prev @1kxnetwork, @Bo11inger, @CoinFund. Alum @CalBlockchain, @BerkeleyHaas.
16 067Followers
2 073Following
6 239Posts total
78.8KViews on collected posts
Latest posts
Looking for new posts…
culture creates attention → attention creates flow → meme demand pulls stock tokens into pools & vaults → deeper liquidity onchain ultimately attracts more attention, users, builders and most importantly—equity shareholders
1.1K views · 5 likes
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There is a billion dollars hidden in the details - you just have to care enough to get it out
428 views · 4 likes
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one of my pet peeves is hearing someone say "right" before they even state their point/claim
obnoxious, overconfident, arrogant individuals
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@dberenzon Strong analysis and great read. It names exactly what RWAs need to scale: real settlement, identity, off-ramps, secondary markets.
Most projects solve one piece. @CoDeTechCC built it as one stack, CorePass, Ping, CorePay, on-chain real trades. Already live.
That's t
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21/ Many thanks to @YuvalRooz, @ballsyalchemist, and @minerva_crypto for their feedback on this piece; and to @tylerinternet for the visuals.
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20/ That said, I believe trillions of dollars in assets will be tokenized over the next decade, leading to a new wave of neobrokers & asset managers who can offer financial products to anyone with a smartphone & internet connection.
If you're building around RWAs - pls DM!
701 views · 12 likes
· 1 reposts · 4 replies
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19/ We have made a ton of progress, but several gaps remain:
- Better reporting and verification
- Robust oracles for illiquid assets
- Better vault curators
- Deeper secondary market liquidity
- Regulation that allows blockchains to be recognized as the official ledger
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· 1 reposts · 1 replies
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18/ The Yield Fairy
It is often healthy to ask: “Where does the yield come from?”
Investors should understand where the yield comes from, what risk they’re taking for it, and how sustainable it is across different market conditions.
The yield fairy is not real. https://t.co/V
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17/ The Capital Cascade (cont.)
There are several characteristics that influence the pace of adoption:
- Duration
- Distribution
- Transparency
- Transferability
- Execution Quality
- Redemption
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16/ The Capital Cascade
Think of RWA adoption as a massive global pool of stablecoin capital seeking yield and utility, flowing progressively into smaller asset pools as they build trust.
The more stablecoin-like the asset pool is, the more liquidity it will amass. https://t.co
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· 1 reposts · 2 replies
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14/ Potential Value Props of RWAs (cont.):
- Collateral & Composability: can be used in DeFi for leverage & portfolio construction
- Trading: can provide long/short exposure
- Programmatic Administration: uses smart contracts to reduce costs with admin functions
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15/ The Asset Lifecycle: there are several steps in the life of an RWA, each of which introduces different service providers, risks, and operational requirements.
- Origination
- Enforceability
- Issuance
- Custody
- Servicing
- Pricing
- Redemption
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11/ Fungibility:
- Interchangeable assets can be represented as ERC-20s or similar
- Non-interchangeable assets can be represented as NFTs/721s
A related and desirable property is convertibility, which asks whether an RWA is directly interchangeable with the off-chain asset.
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13/ Potential Value Props of RWAs:
- Cash Management: offers a conservative way to store value and earn yield
- Financing: channels capital to borrowers or originators
- Market Access: provides exposure to assets that users cannot access in their local markets
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12/ User Perimeter: each RWA has its own mint, redeem, and transfer “perimeter”.
This is important because it dictates who can access the RWA and how it behaves on-chain, and thus is a major component of an issuer's GTM strategy.
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10/ Denomination:
- Can be a fixed unit of the reference asset (e.g. 1 token = 1 gram of gold)
- Can represent a dollar- or NAV-based interest in a pool. This is where we see the "yield-bearing digital dollar” design pattern, where the yield comes from the underlying RWA.
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8/ Mechanisms:
- Single-asset tokens: reference a specific share, bond, loan, commodity, etc.
- Pooled tokens or vaults: receive user funds and deploy them into one or more assets or strategies.
- Synthetics: user owns a payoff rather than an underlying asset or claim on it.
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9/ Legal Relationship:
- Legally operative record of ownership (e.g. Superstate's GLXY)
- Beneficial interest or redemption claim (e.g. Tether's XAUT)
- Issuer-backed contractual claim (e.g. Ondo's GM tokens)
- Contractual payoff (e.g. every perpetual futures contract)
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5/ RWAs are an umbrella term covering many instruments & sectors, and each RWA has distinct legal rights, components, and value props.
We can examine an RWA through four different lenses:
- Reference exposure
- Product structure
- Value proposition
- Operating stack
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7/ Product Structure: tells you how that economic exposure is achieved.
There are several components here:
- Mechanism
- Legal relationship
- Denomination
- Fungibility
- User perimeter
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6/ Reference Exposure: the economic exposure the RWA promises to deliver.
There are two broad categories here:
- Financial: e.g. cash flows, equities, credit, currencies, fund interests.
- Physical: e.g. commodities, collectibles, real estate, GPUs, mobility infrastructure.
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4/ More things happened since 2024:
- Increasing trust with high-quality issuers like BlackRock
- Better infrastructure with embedded wallets and global on/off ramps
- New DeFi primitives & participants with Vaults and Curators
- More regulatory clarity with GENIUS passing https:
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3/ RWAs were hyped in 2017-2020, but the timing was off.
Then some things happened:
- DeFi Summer in 2020 attracted even more stablecoins
- 2020-2022 ZIRP: fuel on the fire
- 2022-2024: bear market + rising Fed funds rates = on-chain capital rushing into tokenized treasuries
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1/ RWAs are the logical conclusion of stablecoins.
I've written a new piece that:
- Proposes a taxonomy for the different types of RWAs
- Discusses the adoption sequence of RWAs
- Outlines the issues that are preventing the continued adoption of RWAs
👇
https://t.co/mRPUjNaqbR h
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2/ An RWA is an on-chain instrument whose value references an off-chain asset.
Stablecoins can be considered an RWA.
They worked because they provided:
- Stable collateral for traders
- USD-denominated savings for ppl outside the U.S.
- Faster & cheaper payments for businesses
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Against accounts of the same size
4 posts from the last 90 days, next to the 10K–100K follower range. shown widely, but few of those viewers react.
Median views768this account924median for 10K–100K
Reach, %4.78%this account3.62%median for 10K–100K
Engagement, %0.86%this account1.52%median for 10K–100K
| Metric | This account | Median for 10K–100K | Ratio |
|---|---|---|---|
| Median views per post | 768 | 924 | 0.83× |
| Reach (views ÷ followers) | 4.78% | 3.62% | 1.32× |
| Engagement rate | 0.86% | 1.52% | 0.56× |
Others in this range → Compare with another account → How these benchmarks are built →
Growth & engagement
How the posts we collected actually performed: views and reaction rate post by post, what the audience did with them, and where the follower count goes.
Views per post
42224 Jun
427
1.2K
391
1.1K
389
701
3.6K
19425 Jun
28126 Jun
4.6K4 Sep
428
1.1K
4565 Sep
Last 14 collected posts, oldest on the left. The scale is logarithmic: one post can outrun the rest a hundred times over.
Engagement rate per post
1.90%24 Jun
2.11%
1.35%
2.05%
1.05%
2.83%
2.43%
0.56%
8.76%25 Jun
4.63%26 Jun
0.79%4 Sep
0.93%
0.93%
0.44%5 Sep
Reactions — likes, reposts, replies and quotes — divided by views. Median for 10K–100K accounts is 1.52%.
What the audience does
Likes57.3%594 in total
Reposts7.9%82 in total
Replies9.1%94 in total
Quotes2.6%27 in total
Bookmarks23.1%239 in total
Share of every reaction we collected for this account. Replies mean argument, reposts mean endorsement, bookmarks mean the post was worth keeping.
The follower curve appears once this account has two daily snapshots — we take one a day, and this one is on its first.
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