While exploring the real-world asset (RWA) sector, we discovered a thought-provoking phenomenon. Plume Network has attracted industry attention with its unique development model. Although its Total Lock-up Position (TVL) is only $288 million, far below the billions of dollars seen with competitors such as Centrifuge and Ondo Finance, Plume has excelled in terms of its user base.

Plume has 202,000 holding addresses, accounting for nearly half of the user share in the entire RWA market. This data structure is quite enlightening—while the capital scale is not large, the number of users is considerable. A deeper analysis reveals that this reflects two distinctly different growth strategies in the RWA market.

Traditional RWA projects like Ondo and Centrifuge mainly target institutional investors and large sums of capital, with individual account investments often reaching millions or even tens of millions of dollars. This strategy has resulted in a high TVL, but the user base is relatively small. In contrast, Plume adopts a more inclusive approach, focusing on attracting retail and small to medium-sized investors, thereby lowering the barriers to participating in RWA investments.

This difference in strategy reflects a different understanding of the nature of the RWA market. Traditional projects focus on the asset side, offering institutional-grade products such as tokenized U.S. Treasury bonds and private credit funds. For example, Ondo's OUSG fund has a scale of $2 billion, while BlackRock's BUIDL fund reaches as high as $3.2 billion. These products typically have high entry barriers and require strict compliance reviews, making them often difficult for ordinary investors to access.

Plume has taken a more democratized approach. Through its Arc engine technology, Plume can subdivide various assets into smaller shares, allowing ordinary investors to participate in the RWA market. This innovative method not only expands market participation but also brings new vitality and possibilities to the RWA field.

Plume's strategy challenges the traditional notion of using TVL as the primary measure, instead emphasizing the importance of user base. This approach may signal the future development trend of the RWA market, which focuses more on inclusive finance and broad participation. As the market continues to evolve, whether Plume's mass-oriented strategy can sustain success and how traditional projects respond to this challenge will be the focal point of industry attention.