The RWA track has discovered an interesting project these days, which is not real estate or art, but tokenizing the traditional WEB2 domain. @Domaprotocol is not just another ENS, but has turned hundreds of millions of Web2 domains (. com/. ai) into programmable, tradable, and interest bearing financial assets. I think this project has also received financing from Paradigm and Coinbase 25M this year, and the basic background is quite good. Doma's simple summary is to memerize domain name fragments and add monetization paths. Anyone can directly buy out the domain name, at least 2.5M; After in-depth research on their documents and mainnet, the logic is very hardcore. Let's break it down: DOMA RWA DomainFi 1. Pain point: The "liquidity black hole" in the domain name market The current domain name market (GoDaddy/Sedo) is extremely inefficient: Unable to sell: If you want to sell a top-level domain for $2.5M, it is common to not find buyers after 6-12 months of listing (annual turnover rate<1%). Dead asset: Holding a domain name not only yields no profit, but also requires paying an annual fee. High threshold: Ordinary retail investors simply cannot afford top-level domain names. This results in a liquidity loss of over $100B annually. Doma appeared to turn this black hole into living water. 2. Core solution: RWA domain name+fragmentation Doma has developed a DomainFi OS, which essentially "securitizes" Web2 domains. Holders can mint domain names into ERC-20 tokens through Doma and trade them on their Launchpad (Mizu). Give me a real example ： If you hold the top-level domain 'SOFT. AI' (valued at $2.5M), in Web2: you can only wait for buyers and your funds are locked. In Doma: If you fragment it into 25 million tokens, retail investors can buy one share for $0.1, instantly releasing liquidity while retaining control. Not only selling, but also Yield machines This is the sexiest part I think: DeFi integration. After the domain name becomes a Token, it is no longer a static image. You can use these domain name Tokens: Mortgage lending: Mortgage domain coins on Aave and lend USDC (LTV up to 70%). Market making mining: Put Uniswap as an LP to earn an annualized return of 10-15%. Automatic rental collection: Sub domain rental fees are automatically allocated on the chain and directly deposited into the wallet. The true essence of RWA is to transform from "idle dead assets" to "24/7" interest bearing assets. 4. Moat: Why Doma? Why do we still need Doma when ENS is available on the market? ENS=Web3 native domain name (. eth), with a small circle. Doma is the on chain bridge of the Web2 stock market (. com/. ai). Doma is currently the only DNS compliant blockchain. They collaborate with InterNetX (a top tier registrar) to directly onboard over 370 million traditional domain names. With Paradigm and Coinbase Ventures leading the investment of $25 million, this is considered a legitimate entry for the military. 5. Early data validation The mainnet was just launched on 11/25, with the initial asset SOFTWARE.AI currently having an FDV of 450000 and a trading volume of 580000 US dollars. 6. Risk Doma is currently in the 'early strong validation' stage. The valuation logic is simple: as long as we cut off 1% of the traditional domain name market share, this is a business worth billions of dollars. But the market liquidity is worrying, which is currently the biggest problem.