# RWA — X 热门讨论 (2026-09-28 19:39 UTC)
## @Nero_boi_ (𝐍𝐞𝐫𝐨𝐛𝐨𝐢 👑) · 09-28 18:22 · ♥45 ↻2 💬25 A lot of onchain yield starts with numbers on a screen.
This one starts with 𝟮𝟬𝟬 𝗽𝗵𝘆𝘀𝗶𝗰𝗮𝗹 𝗰𝗹𝗮𝘄 𝗺𝗮𝗰𝗵𝗶𝗻𝗲𝘀 𝗮𝗹𝗿𝗲𝗮𝗱𝘆 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗮𝗻𝗱 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗿𝗲𝘃𝗲𝗻𝘂𝗲.
That’s what made me look twice at what @DualMintRWA is doing with PLAY.
The model is pretty straightforward:
People play the machines → the machines generate revenue → that real-world revenue is brought onchain → PLAY is designed to distribute it monthly to depositors.
And you don’t necessarily have to take the “operating machines” part at face value either.
𝗬𝗼𝘂 𝗰𝗮𝗻 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝘀𝗲𝗲 𝘁𝗵𝗲 𝗺𝗮𝗰𝗵𝗶𝗻𝗲𝘀 𝗮𝗻𝗱 𝘁𝗵𝗲𝗶𝗿 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗵𝗲𝗿𝗲: https://t.co/NuaMzDU3Va
PLAY is targeting 𝟭𝟮–𝟭𝟱% 𝗮𝗻𝗻𝘂𝗮𝗹 𝘆𝗶𝗲𝗹𝗱, but the percentage isn’t even the most interesting part to me.
It’s the fact that the yield is intended to come from an existing physical business rather than a token creating another yield loop around itself.
The machines stay in the real world.
The financing and distribution layer moves through 𝗦𝗼𝗹𝗮𝗻𝗮.
Pre-deposits opened September 22 with a $𝟮𝟯𝟬𝗞 𝗱𝗲𝗽𝗼𝘀𝗶𝘁 𝘁𝗮𝗿𝗴𝗲𝘁, and seeing the underlying machines already working makes this a pretty interesting RWA experiment to follow.
𝗦𝘁𝗲𝗲𝗹 𝗲𝗮𝗿𝗻𝘀 𝗶𝘁. 𝗦𝗼𝗹𝗮𝗻𝗮 𝗺𝗼𝘃𝗲𝘀 𝗶𝘁. https://x.com/Nero_boi_/status/2104637893469692158
## @Dr_Jamaloodeen (Dr J) · 09-28 18:32 · ♥40 ↻15 💬0 $TXTM $TXTM
There We go … !!!!
https://t.co/Ur2g7B03LF https://x.com/Dr_Jamaloodeen/status/2104640501982896613
## @Nick_Researcher (Nick Research) · 09-28 18:32 · ♥51 ↻4 💬11 ➥ ethereum:0x00bac91fd8f5b4a0dc03c8021139b76f6549ee7e moved over 100% earlier today
when i checked again, it was still up around 94%, with ~$6.9M in volume
that made me look beyond the price action and ask what the market may be repricing
i think the clearest proof point is execution
KAIO brought tokenised access to a Mubadala Capital evergreen private-markets strategy onchain across Base, Solana and Sui
the product launched with over $75M in AUM, while Coinbase also took exposure
this is a live institutional product with real capital deployed
the next catalyst i’m watching is KASH
fyi, KASH’s an upcoming product designed to give retail users access to a diversified basket of institutional-grade RWA yield
the tokenised funds are separate regulated investment products
holding ethereum:0x00bac91fd8f5b4a0dc03c8021139b76f6549ee7e does not give direct exposure to KASH or the underlying funds
tokenised RWA value approaching $40B excluding stablecoins
i think platforms connecting institutional products with broader onchain distribution deserve attention
i’m curious to see whether Q4 converts today’s momentum into sustained adoption
follow @KAIO_xyz and watch for official KASH launch updates https://x.com/Nick_Researcher/status/2104640312052421104