Recently, while tracking the evolution of the RWA track, I found that this field is upgrading from simply "asset onboarding" to "asset efficiency," and a qualitative leap has already occurred.

Let's review: if Ondo mainly broke down the barriers to RWA entry and solved the problem of converting traditional assets onto the chain, then in the BNB Chain ecosystem, the operation of TermMax, which built a fixed interest rate lending market model, has laid out the underlying architecture of the entire RWA business logic — not just on-chain, but capable of generating real revenue and creating trading depth.

Why is "fixed interest rate" so popular among RWA? Frankly, in traditional finance, institutional investors and asset owners seek certainty. Floating interest rates are full of uncertainty, but the fixed interest rate model allows participants to precisely calculate expected returns. This predictable return structure is exactly the critical point where on-chain RWA shifts from niche exploration to large-scale application.