Multicoin's Spencer Applebaum and Shayon Sengupta publish "DeFi 2.0" essay on how RWA market structure will reshape DeFi primitives.

The essay, the fourth in Multicoin's onchain markets series, argues that DeFi 1.0 primitives like AMMs, CDPs, and variable-rate lending were designed for volatile, perpetual cryptoassets, not RWAs. As treasuries, equities, and FX move onchain, the authors say a different set of "DeFi 2.0" primitives matters: CLOBs, RFQ, fixed-rate borrow/lend, options, and dated futures. They cite Morpho Midnight, Pendle, and Exponent as examples, and argue execution quality, duration, and fixed rates become decisive for lower-volatility institutional assets.

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