The play-to-earn gaming model reached its peak in 2021, but the market lacked an easy way for players to choose from various play-to-earn game options. As the Web3 gaming sector continues to grow, there is an urgent need for an all-encompassing project that can rival traditional gaming platforms like Steam and Epic. Nakamoto Games was born out of this demand.

Play-to-earn的游戏模式在2021年达到高潮，但市场缺少一个可以让玩家轻松地从各种Play-to-earn的游戏选项中进行选择。随着Web3 game的规模不断扩大，这个生态亟需一个功能齐全能够匹敌传统游戏平台（如Steam和Epic）的项目。Nakamoto Games即是在这种需求下诞生。

Prisma Finance quietly emerged in the first half of 2023, gaining support from top industry founders and institutions like Curve, Convex, Tetranode, and more. On November 2nd, the project released its token $PRISMA and increased the debt cap. On the same day, a large address related to Justin Sun deposited 110 million USD worth of wstETH and minted over 60 million USD worth of mkUSD stablecoins.

Prisma finance在2023年上半年悄然问世，获得了Curve、Convex、Tetranode 等多位行业顶尖创始人和机构的支持。项目在11月2日发行代币$PRISMA，并将其抵押品数量上限提高，当天Justin Sun相关的一个大地址也随即存入了 1.1 亿美元 的wstETH，并铸造了超过 6000 万美元的 mkUSD 稳定币。

Author: Juliet Tang, Investment Analyst at Huobi Ventures

作者： Juliet Tang, Huobi Ventures 投资分析师

Trust, liquidity, transparency, security, efficiency, and innovation comes with the birth of blockchain, but the bear market in the crypto industry seems to be struggling finding new growth opportunities; the crypto industry is in desperate need something new as the next narrative. Tokenization of RWA creates a venue between traditional finance and crypto finance, cultivating a multi-trillion-dollar asset market, which can be deemed as the water of life that nourishes the crypto industry across cycles of bulls and bears. Since its inception, voices on tokenization of RWA have always been heard, but none of them have been exemplary impeded by obstacles from technology, regulation, and the market. Recently, the RWA segment has returned to the center of discussions, and many institutions have taken actions. RWA projects have demonstrated characteristics of large varieties, with most of them being DeFi, highly risky with high returns, and it has become more accepted by the public. However, these projects are still somewhat problematic: they are low in liquidity, price discovery is incomplete, and most of them are in an early phase. Whether RWA could become the next superstar depends on the development of infrastructures and completeness of regulations in the next few years. This research report also indicates that token standardization and compliance is inevitable for RWA in further development. Despite the challenges ahead, the industry is constantly moving forward, and innovative projects have not stopped from emerging, especially those based on U.S. bonds and stocks, SME financing, and real assets, which are mainly characterized by: 1. The product of cooperation with traditional financial institutions; 2. optimization of project revenues and token sales; and 3. introduction of more participation of legitimate third-party entities. These features can partially solve the problems on tokenization of RWA caused by regulation, centralization, on-chain and off-chain identity, asset valuation, etc. We expect more projects to spring up and enrich the RWA segment in the future.

区块链带来了信任、流动性、透明度、安全性、效率和创新，但加密行业的熊市似乎很难找到新的增长点，加密行业急需一个赛道承载新的叙事。RWA代币化能够打通传统金融和加密金融的通道，承载数十万亿美元的资产市场，对加密行业来说可以是超越牛熊周期的生命之水，所以区块链诞生至今一直在尝试的RWA代币化，但受到了技术、监管、市场等多重因素的阻碍。如今，RWA赛道又被热议，多家机构开始布局。RWA项目已呈现种类繁多、DeFi为主、收益高、风险高的特点，已经逐渐步入大众视野，但项目总体上还存在流动性差、早期阶段、缺少价格发现等问题。RWA赛道是否能在未来几年爆发也要看基础设施的发展和监管体系的完善，这篇研报也提出了代币标准化和合规化是RWA赛道发展的必经之路。尽管RWA赛道面临多重挑战，行业发展始终是向前走的，我们已经看到不少创新项目的出现，尤其是基于美债美股、中小企业融资、实物资产的项目上，这些项目主要特点在于：1. 与传统金融机构合作；2. 最大化项目和代币的收益；3. 引入更多的合法第三方参与。这些特点能够部分解决RWA代币化上出现的问题，包括监管、中心化、链上链下身份、资产估值等，我们期待未来更多的项目丰富RWA赛道。

The emergence of the Ordinals protocol has created room for a new narrative of the BTC ecosystem. Recently, the recreation of the BRC-20 token standard on Ordinals has further extended the FOMO sentiment to zenith. This report from Huobi Research closely examines the origin of the Ordinals protocol, opportunities, recent data of the BRC-20 token, and the future of the BTC ecosystem.