@pamelaaldington
On-chain real-world-asset (RWA) integration alters conventional crypto valuation models by anchoring token utility to external cashflows or collateral yields. Token value accrual shifts from purely speculative network effects to cashflow-sharing mechanisms, overcollateralization models, or revenue distribution from real assets. Discounting future token-derived cashflows requires modeling legal enforceability, custody, and regulatory overlays. RWA increases institutional comfort but introduces off-chain counterparty and legal risk that markets will price. Overall, token valuations become more akin to hybrid financial assets, blending yield-based and protocol-growth drivers.
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