Policy Thunder: The On-Chain Revolution of Green Power Computing
On March 18, 2025, the JuCoin Market Monitoring System captured explosive data: China’s new energy RWA projects raised over 4.7 billion yuan weekly, with 80% flooding into green power computing. This frenzy was ignited by the Green Certificate New Policy jointly issued by five national ministries—mandating data centers to source 80% of electricity from renewables and embedding green power into corporate ESG reports.
“This isn’t policy—it’s a blockchain war mobilization,” declared Li Yan, Secretary-General of the Green Power Computing Alliance, at a closed-door meeting. “By tokenizing EV battery swap cabinets and charging piles into RWA asset pools, we’re reconstructing energy hegemony on-chain.” Ant Digital’s latest RWA project fragmented two-wheeler infrastructure into tradable tokens, attracting shadow players like Conflux despite its modest $10 million funding.Yet behind policy policy dividends lies a bloodied reality. A top RWA provider revealed: “70% of green power data in applications are fraudulent. Some firms disguise coal power as renewables to siphon on-chain financing.” This madness is devouring industry credibility—when policy thunder becomes a smokescreen for fraud, RWA’s spring may freeze harder than winter.
KOLs’ Retail Lambs Harvesting Machines
In the RWA heatwave, the busiest aren’t coders but traffic hunters swinging sickles. JuCoin Blockchain Blog tracked a 890% surge in “RWA” mentions on social media, yet deep technical analyses accounted for under 3%. A 10M-follower KOL sold “RWA Get-Rich Courses” for 8,888 yuan, plagiarizing Ye Kai’s two-year-old seminar frameworks.
Absurdity thrives in Hainan. “Blockchain brokers” peddle “RWA Trading Platform Licenses,” claiming to bypass three regulatory red lines under “free trade zone breakthroughs.” The truth? Hainan’s offshore edge lies only in VIE structures and QFLP channels—its “virtual asset free flow” is pure fantasy.“These are blockchain Ponzi magicians,” veteran RWA consultant Wang Tuo exposed. “They disguise NFT platforms as RWA secondary markets, repackaging charging pile revenue rights into ‘eco-tokens’—running pump-and-dump schemes.”
When Liquidity Becomes a Luxury
Beneath capital frenzy, RWA faces a liquidity ice age. A new energy giant’s $10B RWA plan stalled due to zero secondary market uptake; Ant Digital’s project sees daily on-chain trades under $50k USDT. This exposes the fatal flaw—RWA without liquidity is blockchain’s digital tombstones.The real crisis brews in policy-market fractures. Despite green power mandates, daily green certificate trades barely hit $320M, collapsing RWA valuation logic. Worse, listed firms buy “air green certificates” off-chain to meet ESG demands, turning RWA into accounting fraud tools.“RWA isn’t bond games but precision surgery merging industry-finance,” Ye Kai warned. “Projects naively tokenizing infrastructure will suffocate in liquidity droughts.”
Future Gambit: Hainan vs. Shanghai’s Financial Shadow War
Amid the bubble, Hainan and Shanghai wage a covert financial power struggle. Hainan lures RWA issuers with “offshore data zones,” yet serves merely as Hong Kong’s gateway. Shanghai quietly tests RWA-CBDC cross-chain clearing, leveraging its global financial hub status.The real weapon lies in regulatory arbitrage. A Shanghai banker disclosed: “We design ‘regulatory arbitrage RWA’—issuing via Hong Kong SPVs and funneling back via QFLP. This dodges 80% compliance risks.” But such brinkmanship pushes RWA toward systemic eruption.Apocalypse Prophecy.RWA’s spring will fade, and summer will thunder. When policies hollow out and capital games bare fangs, this real-asset-on-chain frenzy may implode brutally—those chanting “RWA revolution” will find themselves mere footnotes in blockchain’s bubble history.
Colin Winston
