Former Microsoft employees bet on the "ICM concept", why did Collaterize soar 10 times in January?

The concept of "Internet Capital Markets", which was preached by Lily Liu, chairman of the Solana Foundation, became hot on Solana after the explosion of Believe, while the market capitalization of Collaterize token, Collaterize token, another RWA project with an "ICM" concept, broke through $90 million in recent days and has now recovered to $54 million, and has continued to consolidate around $9 million since its launch in January Finally, on May 18, Toly, one of the co-creators of Solana, retweeted Collaterize's App Demo video, which skyrocketed the token, and also brought the market back to the RWA project of the two former Microsoft employees.

ICM?

A few years ago, Solana put forward the vision of building an "on-chain NASDAQ", but as NASDAQ itself explores the on-chain, the narrative focus has gradually shifted to the more crypto-native "Internet Capital Market (ICM)". ICM is an alternative to traditional capital markets (TCMs), enabling entrepreneurs to raise funds directly from the online community through tokenization, bypassing VCs and IPOs. The Solana project, represented by the Believe App, makes it easy to complete project issuance and investment on X.

Today, "ICM" has replaced "on-chain NASDAQ" as the core narrative of Solana. Lily Liu, Chairman of the Solana Foundation, has repeatedly emphasized that ICM's goal is to build a global financial infrastructure that will enable 5.5 billion internet users to participate in capital markets without barriers. The Solana team is also working hard to build it as a critical infrastructure for on-chain ICM.

But even with such a lavish lineup of real-world co-ops, Collaterize can't escape a paradox. At this stage, Crypto Native users will instinctively reject the review mechanism, causing them to reject the compliant asset protocol, while traditional asset users do not accept the interface and asset form of Crypto, thus forming such a market paradox of "double mismatch between compliance and user needs".

According to Collaterize's on-chain information, the activity of the blockchain is still very low four months after the project was founded, and until today, the total number of transactions tx is only 70,000, and the total number of addresses is only 381, if you only compare this number, it is even less than the number of holders of a meme coin with a market value of hundreds of thousands. In any case, RWA still has a long period of development, and although the market potential of $75 trillion behind it is limitless, there is a great deal of uncertainty in terms of regulations, infrastructure, and scrutiny.

But new times always need new explorers, and Collaterize, as a member of it, is also looking for "possible" treasures in this endless ocean.

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