Asia's Web3 research and consulting firm, Tiger Research, stated in its report 'DeFi Without Dopamine, Revived by RWA' that "While high interest rates like in the past are hard to find in the decentralized finance (DeFi) market, it is recovering from a slump by connecting with Real World Asset (RWA) tokenization." The report explained, "Until now, DeFi was like a power strip without electricity. The recent rise of RWA and stablecoins is like connecting external asset flows to DeFi." It added, "The formation of 'DeFi United,' jointly organized by the entire DeFi industry in response to the recent KelpDAO rsETH hacking incident, is an example demonstrating market maturity." It further explained, "Although the influence of the term 'DeFi' is weakening, the market is evolving into more specialized categories such as lending, stablecoins, RWA, restaking, and on-chain credit."
