Pengenalan Real World Assets (RWA)

Real World Assets (RWA) adalah salah satu narasi terbesar dalam industri blockchain saat ini. Tokenisasi aset dunia nyata membuka peluang investasi yang sebelumnya tidak terjangkau oleh kebanyakan orang, sekaligus membawa efisiensi dan transparansi ke pasar keuangan tradisional.

Project Tutorial: IndonesiaPropertyToken

Sepanjang dokumentasi ini, kita akan membangun satu project lengkap: IndonesiaPropertyToken - platform tokenisasi properti real estate di Indonesia. Semua smart contract dapat langsung dicoba di Remix IDE.

1. Apa itu RWA?

1.1 Definisi

Real World Assets (RWA) adalah representasi digital dari aset fisik atau finansial dunia nyata di blockchain dalam bentuk token. Proses mengubah aset dunia nyata menjadi token digital disebut tokenisasi.

Sumber: CoinGecko - What Are Real World Assets

Secara sederhana, tokenisasi adalah proses mengambil aset yang ada di dunia nyata (seperti properti, emas, atau obligasi) dan membuat representasi digitalnya di blockchain. Token ini kemudian dapat diperdagangkan, dipinjamkan, atau digunakan sebagai jaminan dalam ekosistem DeFi.

1.2 Mengapa RWA Penting?

RWA menjembatani dua dunia yang selama ini terpisah:

TRADITIONAL FINANCE (TradFi)          DECENTRALIZED FINANCE (DeFi)
============================          ============================

+ Aset bernilai triliunan dollar      + Transparansi & auditability
+ Regulasi yang established           + Programmable & composable
+ Trust dari institusi                + 24/7 trading
+ Likuiditas pasar yang dalam         + Fractional ownership
                                      + Borderless access

                    RWA TOKENIZATION
                    ================
                    Menggabungkan keunggulan
                    kedua dunia

Masalah yang Diselesaikan RWA:

Masalah TradFi	Solusi RWA
Minimum investasi tinggi ($100K+)	Fractional ownership mulai $10
Settlement T+2 sampai T+5	Settlement instan (T+0)
Trading hours terbatas (9-5)	24/7/365 trading
Akses terbatas (geografis, status)	Global, permissionless access
Biaya intermediary tinggi	Direct peer-to-peer, lower fees
Kurang transparan	On-chain, auditable

1.3 Bagaimana Tokenisasi Bekerja?

Proses tokenisasi melibatkan beberapa tahap:

TAHAP TOKENISASI RWA
====================

TAHAP 1: ASSET ORIGINATION
--------------------------
- Identifikasi aset yang akan di-tokenisasi
- Valuasi independen oleh appraiser
- Due diligence legal (kepemilikan, encumbrance)

TAHAP 2: LEGAL STRUCTURING
--------------------------
- Pembentukan SPV (Special Purpose Vehicle)
- Transfer kepemilikan aset ke SPV
- Penyusunan dokumen legal (prospektus, terms)

TAHAP 3: TOKEN CREATION
-----------------------
- Deploy smart contract di blockchain
- Mint token sesuai valuasi aset
- Setup compliance (KYC, transfer restrictions)

TAHAP 4: DISTRIBUTION
---------------------
- Primary offering ke investor
- KYC/AML verification
- Token distribution ke wallet investor

TAHAP 5: SECONDARY MARKET
-------------------------
- Trading di DEX/CEX
- Ongoing compliance monitoring
- Corporate actions (dividen, voting)

TAHAP 6: REDEMPTION
-------------------
- Burn token untuk redeem underlying asset
- Atau hold sampai maturity

1.4 Komponen Ekosistem RWA

EKOSISTEM RWA
=============

+------------------+     +------------------+     +------------------+
|   ASSET OWNER    |     |   TOKENIZATION   |     |    INVESTORS     |
|                  |     |    PLATFORM      |     |                  |
| - Property owner | --> | - Legal wrapper  | --> | - Retail         |
| - Fund manager   |     | - Smart contract |     | - Institutional  |
| - Government     |     | - Compliance     |     | - DAOs           |
+------------------+     +------------------+     +------------------+
        |                        |                        |
        v                        v                        v
+------------------+     +------------------+     +------------------+
|    CUSTODIAN     |     |     ORACLE       |     |    EXCHANGE      |
|                  |     |                  |     |                  |
| - Asset custody  |     | - Price feeds    |     | - Primary market |
| - Proof of       |     | - NAV updates    |     | - Secondary      |
|   reserves       |     | - Events         |     |   trading        |
+------------------+     +------------------+     +------------------+
        |                        |                        |
        +------------------------+------------------------+
                                 |
                                 v
                    +------------------------+
                    |      REGULATORS        |
                    |                        |
                    | - Securities laws      |
                    | - AML/KYC requirements |
                    | - Investor protection  |
                    +------------------------+

1.5 Jenis Aset yang Dapat Di-tokenisasi

Kategori	Contoh Aset	Market Size	Karakteristik
Real Estate	Properti komersial, apartemen, tanah	$300+ Triliun	Illiquid, high value, stable yield
Commodities	Emas, perak, minyak, komoditas pertanian	$50+ Triliun	Fungible, price volatile
Securities	Saham, obligasi, ETF, reksa dana	$100+ Triliun	Regulated, dividend/interest
Private Credit	Pinjaman korporasi, invoice financing	$1.5+ Triliun	Higher yield, credit risk
Collectibles	Seni, barang mewah, memorabilia	$500+ Miliar	Unique, subjective value
Intellectual Property	Hak cipta, paten, royalti	$5+ Triliun	Cash flow based

1.6 Market Opportunity

PERTUMBUHAN PASAR RWA TOKENIZATION
==================================

2020: $85 Juta        #
2023: $5 Miliar       #####
2024: $15.2 Miliar    ###############
2025: $33 Miliar      #################################
2030: $10-30 Triliun  (Proyeksi)

Growth Rate: ~200% YoY (2020-2025)

Sumber: CoinGecko RWA Report 2025, VanEck Research

1.7 Breakdown Pasar RWA (2025)

Kategori	Nilai	Persentase	Trend
Stablecoins (Fiat-backed)	$224.9 Miliar	97.5%	Stabil
Tokenized Treasuries	$8.7 Miliar	0.4%	Naik cepat (+251% YoY)
Private Credit	$18.7 Miliar	0.8%	Naik stabil
Commodities	$2.9 Miliar	0.1%	Naik (+164% YoY)
Real Estate	$500+ Juta	Kurang dari 0.1%	Early stage

Sumber: RWA.xyz Analytics

2. Legal Framework & Structuring

2.1 Pertanyaan Fundamental

Pertanyaan paling penting dalam tokenisasi RWA:

"Apakah memiliki token = memiliki aset secara legal?"

Jawabannya bergantung pada legal structuring yang digunakan.

2.2 Model Legal Structuring

Ada tiga model utama yang digunakan dalam tokenisasi RWA:

Model 1: SPV (Special Purpose Vehicle)

SPV MODEL
=========

+------------------+
|   REAL ASSET     |
|   (Properti)     |
+--------+---------+
         |
         | Kepemilikan legal
         v
+------------------+
|       SPV        |
| (PT. Properti    |
|  Tokenisasi)     |
+--------+---------+
         |
         | Saham SPV di-tokenisasi
         v
+------------------+
|  TOKEN HOLDERS   |
| (Pemegang token  |
|  = pemegang      |
|  saham SPV)      |
+------------------+

Keuntungan:
- Legal structure yang jelas
- Bankruptcy remote
- Familiar untuk investor tradisional

Kekurangan:
- Setup cost tinggi
- Ongoing compliance
- Jurisdictional complexity

Contoh Penggunaan: RealT (real estate), Centrifuge (private credit)

Model 2: Direct Ownership

DIRECT OWNERSHIP MODEL
======================

+------------------+
|   REAL ASSET     |
|   (Properti)     |
+--------+---------+
         |
         | Token = Title deed
         | (Statutory recognition)
         v
+------------------+
|  TOKEN HOLDERS   |
| (Token = legal   |
|  ownership)      |
+------------------+

Keuntungan:
- Paling sederhana
- Token = kepemilikan langsung
- No intermediary

Kekurangan:
- Butuh statutory recognition
- Sangat terbatas (hanya beberapa jurisdiksi)
- Technical complexity

Jurisdiksi yang Support:

Wyoming, USA (DAO recognition)
Liechtenstein (Token Act)
Switzerland (DLT Act)

Model 3: Contractual Claims

CONTRACTUAL CLAIMS MODEL
========================

+------------------+
|   REAL ASSET     |
|   (Properti)     |
+--------+---------+
         |
         | Custody agreement
         v
+------------------+
|    CUSTODIAN     |
| (Holds asset on  |
|  behalf of token |
|  holders)        |
+--------+---------+
         |
         | Contractual right
         v
+------------------+
|  TOKEN HOLDERS   |
| (Token = claim   |
|  on custodian)   |
+------------------+

Keuntungan:
- Flexible
- Works in most jurisdictions
- Easier to setup

Kekurangan:
- Counterparty risk (custodian)
- Not direct ownership
- Trust dependent

Contoh Penggunaan: Paxos Gold, Tether Gold

2.3 Regulatory Landscape Global

Jurisdiksi	Regulasi	Status RWA	Notes
USA	SEC/CFTC	Securities law applies	Howey Test untuk determine security
EU	MiCA	Harmonized framework	Asset-Referenced Tokens (ART)
Singapore	MAS	Supportive sandbox	Payment Services Act
UAE	ADGM/DFSA	Progressive	Virtual Asset Framework
Switzerland	FINMA	DLT Act	Legal recognition of tokens
Indonesia	OJK (2025)	Developing	PP 28/2025, sandbox framework

Sumber: RWA.io - Regulatory Challenges

2.4 Klasifikasi Token

KLASIFIKASI TOKEN BERDASARKAN REGULASI
======================================

+-------------------+-------------------+-------------------+
|   UTILITY TOKEN   |  SECURITY TOKEN   |   PAYMENT TOKEN   |
+-------------------+-------------------+-------------------+
| Access to service | Investment        | Medium of         |
| or platform       | contract          | exchange          |
+-------------------+-------------------+-------------------+
| - Gaming tokens   | - Tokenized       | - Stablecoins     |
| - Governance      |   stocks          | - CBDCs           |
| - Memberships     | - Tokenized       | - Crypto          |
|                   |   bonds           |   currencies      |
|                   | - Real estate     |                   |
|                   |   tokens          |                   |
+-------------------+-------------------+-------------------+
| Light regulation  | Heavy regulation  | Medium regulation |
| (most cases)      | (securities law)  | (payment law)     |
+-------------------+-------------------+-------------------+

SEBAGIAN BESAR RWA TOKEN = SECURITY TOKEN
- Harus comply dengan securities law
- Butuh registration/exemption
- KYC/AML mandatory
- Restricted transferability

2.5 Howey Test (USA)

Untuk menentukan apakah token adalah security, SEC menggunakan Howey Test:

HOWEY TEST
==========

Token adalah SECURITY jika memenuhi SEMUA kriteria:

1. INVESTMENT OF MONEY
   └── Investor memberikan uang/value

2. COMMON ENTERPRISE
   └── Dana pooled bersama investor lain

3. EXPECTATION OF PROFITS
   └── Investor mengharapkan keuntungan

4. FROM EFFORTS OF OTHERS
   └── Profit bergantung pada pihak ketiga

Contoh RWA Token:
+-------------------+--------+--------+--------+--------+----------+
| Token             | Money  | Common | Profit | Others | Security |
+-------------------+--------+--------+--------+--------+----------+
| Real Estate Token |   ✓    |   ✓    |   ✓    |   ✓    |    YES   |
| Gold Token        |   ✓    |   ✓    |   ?    |   ✗    |   MAYBE  |
| Invoice Token     |   ✓    |   ✓    |   ✓    |   ✓    |    YES   |
+-------------------+--------+--------+--------+--------+----------+

3. Contoh Proyek RWA Global

3.1 Tokenized Treasuries (Obligasi Pemerintah)

Tokenized Treasuries adalah RWA dengan pertumbuhan tercepat (+251% YoY).

Project	Deskripsi	Platform	AUM	Yield
BlackRock BUIDL	Money market fund ter-tokenisasi pertama dari BlackRock	Ethereum (Securitize)	$500M+	~5%
Ondo Finance USDY	Tokenized US Treasury dengan yield harian	Multi-chain	$300M+	~5%
Franklin Templeton BENJI	On-chain US Government Money Fund	Stellar, Polygon	$400M+	~5%

Mengapa Tokenized Treasuries Populer?

KEUNGGULAN TOKENIZED TREASURIES
===============================

1. YIELD YANG KOMPETITIF
   - US Treasury yield: ~5%
   - Lebih tinggi dari DeFi stablecoin yield
   - Risk-free rate benchmark

2. BACKING YANG AMAN
   - Full-reserve backing
   - US Government credit
   - No rehypothecation risk

3. COMPOSABILITY
   - Dapat digunakan sebagai collateral di DeFi
   - Yield + DeFi yield stacking
   - 24/7 liquidity

4. INSTITUTIONAL ADOPTION
   - BlackRock, Franklin Templeton
   - Regulated issuers
   - Compliance built-in

3.2 Tokenized Real Estate

Project	Model	Minimum	Yield	Total Tokenized
RealT	Fractionalized ownership	$50	8-12% APY	$100M+
Propy	NFT property deeds	Varies	-	$100M+
Blocksquare	Tokenization platform	$100	6-10% APY	$96M+ (21 countries)

Bagaimana Real Estate Tokenization Bekerja:

REAL ESTATE TOKENIZATION FLOW
=============================

PROPERTI: Apartemen Jakarta, Nilai Rp 10 Miliar

Step 1: SPV Formation
+------------------+
| PT. Apartemen    |
| Tokenisasi       |
| (SPV)            |
+------------------+
        |
        v
Step 2: Asset Transfer
+------------------+
| Properti         |
| ditransfer ke    |
| SPV              |
+------------------+
        |
        v
Step 3: Token Minting
+------------------+
| 10,000 Tokens    |
| minted           |
| 1 token = 0.01%  |
| ownership        |
+------------------+
        |
        v
Step 4: Distribution
+------------------+
| Investor A: 100  | = 1% ownership = Rp 100 Juta
| Investor B: 500  | = 5% ownership = Rp 500 Juta
| Investor C: 50   | = 0.5% ownership = Rp 50 Juta
+------------------+
        |
        v
Step 5: Yield Distribution
+------------------+
| Rental income    |
| distributed      |
| proportionally   |
| via smart        |
| contract         |
+------------------+

3.3 Tokenized Commodities

Project	Underlying	Ratio	Market Cap	Custody
Paxos Gold (PAXG)	Physical gold bars	1 token = 1 oz	$500M+	Brink's London
Tether Gold (XAUT)	Gold reserves	1 token = 1 oz	$700M+	Switzerland

Proof of Reserves:

PROOF OF RESERVES UNTUK COMMODITY TOKENS
========================================

Untuk memastikan token benar-benar backed oleh underlying asset:

1. CUSTODIAN ATTESTATION
   - Auditor independen verifikasi holdings
   - Quarterly/monthly reports
   - Contoh: Paxos - audited by Withum

2. ON-CHAIN PROOF OF RESERVES
   - Chainlink Proof of Reserve
   - Real-time verification
   - Automated monitoring

3. REDEMPTION MECHANISM
   - User bisa redeem token untuk physical gold
   - Minimum redemption: 1 oz (PAXG)
   - Delivery atau pickup

FLOW:
+----------+     +-----------+     +----------+
| Physical |     | Custodian |     | On-chain |
| Gold     | --> | Vault     | --> | Token    |
| 1 oz     |     | (Brink's) |     | (PAXG)   |
+----------+     +-----------+     +----------+
                       |
                       v
              +----------------+
              | Proof of       |
              | Reserves       |
              | (Chainlink/    |
              |  Auditor)      |
              +----------------+

3.4 Private Credit

Project	Fokus	Integration	TVL	Borrowers
Centrifuge	Invoice financing, trade finance	MakerDAO, Aave	$300M+	SMEs globally
Maple Finance	Institutional lending	-	$2B+ originated	Crypto institutions
Goldfinch	Emerging market loans	-	$100M+	Fintech lenders

Private Credit Tokenization:

PRIVATE CREDIT FLOW
===================

TRADITIONAL:
Borrower --> Bank --> Fund --> Investor
           (High fees, slow, opaque)

TOKENIZED (Centrifuge):
+----------+     +-----------+     +----------+     +----------+
| Borrower | --> | Centrifuge| --> | Token    | --> | DeFi     |
| (MSME)   |     | Pool      |     | (DROP/   |     | Protocol |
|          |     |           |     |  TIN)    |     | (Aave)   |
+----------+     +-----------+     +----------+     +----------+
                       |
                       v
              +----------------+
              | Collateral:    |
              | - Invoices     |
              | - Receivables  |
              | - Real estate  |
              +----------------+

TRANCHING:
+------------------+------------------+
|    DROP Token    |    TIN Token     |
| (Senior Tranche) | (Junior Tranche) |
+------------------+------------------+
| Lower yield      | Higher yield     |
| Lower risk       | Higher risk      |
| First to be paid | Last to be paid  |
| (5-10% APY)      | (10-20% APY)     |
+------------------+------------------+

3.5 Tokenized Equities

Project	Products	Partner	Trading
Backed Finance (xStocks)	AAPL, NVDA, MSFT, TSLA	Mantle, Bybit	24/7

Sumber: Mantle x Backed Collaboration

Bagaimana Tokenized Stocks Bekerja:

TOKENIZED STOCKS (xStocks)
==========================

Traditional Stock:
+----------+     +-----------+     +----------+
| AAPL     | --> | Broker    | --> | Investor |
| Stock    |     | (Fidelity)|     | Account  |
+----------+     +-----------+     +----------+
                 Trading: 9:30 AM - 4:00 PM EST
                 Settlement: T+2

Tokenized Stock:
+----------+     +-----------+     +----------+     +----------+
| AAPL     | --> | Custodian | --> | Token    | --> | Any      |
| Stock    |     | (Backed)  |     | (AAPLx)  |     | Wallet   |
+----------+     +-----------+     +----------+     +----------+
                 Trading: 24/7/365
                 Settlement: Instant

VALUE PROPOSITION:
1. 24/7 Trading - Trade Apple stock on Sunday
2. Fractional - Buy $10 worth of NVDA
3. Global Access - No brokerage account needed
4. DeFi Composability - Use as collateral

4. Contoh RWA di Indonesia

4.1 Inisiatif Tokenize Indonesia

Pada November 2024, Tokenize Indonesia diluncurkan sebagai platform eksperimental untuk institusi Indonesia mengeksplorasi tokenisasi aset.

Sumber: Media Indonesia - Tokenize Indonesia

Pendiri & Partner:

Institusi yang Bergabung:

Institusi	Market Cap	Fokus RWA	Potential Use Case
Bank BRI	$35+ Miliar	Tokenized deposits, trade finance	MSME lending tokens
Pegadaian	BUMN	Tokenized gold, pawn receipts	Gold-backed stablecoin
Pos Indonesia	BUMN	Logistics tokenization	Supply chain tokens
MDI Ventures	Telkom Group	Investment tokenization	Startup equity tokens

4.2 Potensi Pasar Indonesia

Berdasarkan laporan "Project Wira - Indonesia's Asset Tokenization Opportunity" (November 2024):

POTENSI TOKENISASI ASET INDONESIA
=================================

Total Market Opportunity: US$ 88 MILIAR

Breakdown by Asset Class:
+----------------------+---------------+------------------+
| Asset Class          | Market Size   | Tokenization     |
|                      |               | Opportunity      |
+----------------------+---------------+------------------+
| Real Estate          | $40+ Miliar   | Fractional       |
|                      |               | ownership        |
+----------------------+---------------+------------------+
| Gold & Commodities   | $20+ Miliar   | Gold-backed      |
| (Pegadaian, Antam)   |               | tokens           |
+----------------------+---------------+------------------+
| Government Bonds     | $15+ Miliar   | Tokenized SBN,   |
| (SBN, ORI)           |               | ORI              |
+----------------------+---------------+------------------+
| Private Credit       | $8+ Miliar    | Invoice          |
| (MSME Financing)     |               | tokenization     |
+----------------------+---------------+------------------+
| Other Assets         | $5+ Miliar    | IP, collectibles |
+----------------------+---------------+------------------+

Sumber: Bisnis.com - Tokenisasi RWA

4.3 Use Case Spesifik Indonesia

Use Case 1: Tokenized SBN (Surat Berharga Negara)

TOKENIZED SBN
=============

Current State:
- ORI (Obligasi Ritel Indonesia): Min Rp 1 Juta
- SBR (Savings Bond Ritel): Min Rp 1 Juta
- Trading: Secondary market limited

Tokenized State:
- Min investment: Rp 10,000
- Trading: 24/7 on-chain
- Instant settlement
- DeFi composability (collateral)

Impact:
- Financial inclusion meningkat
- Liquidity market SBN meningkat
- Retail participation naik

Use Case 2: Tokenized Gold (Pegadaian)

TOKENIZED GOLD via PEGADAIAN
============================

Current State:
- Tabungan Emas Pegadaian
- Min: 0.01 gram
- Trading: Business hours only
- Physical redemption: Manual process

Tokenized State:
+------------------+
| Gold stored at   |
| Pegadaian vault  |
+--------+---------+
         |
         v
+------------------+
| Smart contract   |
| mints GOLD token |
| 1 token = 1 gram |
+--------+---------+
         |
         v
+------------------+
| Features:        |
| - 24/7 trading   |
| - Instant redeem |
| - DeFi collateral|
| - Fractional     |
+------------------+

Use Case 3: MSME Invoice Financing

MSME INVOICE TOKENIZATION
=========================

Problem:
- 60+ juta MSME di Indonesia
- Access to credit terbatas
- Invoice payment: 30-90 days
- Cash flow gap

Solution:
+------------------+
| MSME has invoice |
| to large company |
| (Rp 100 Juta)    |
+--------+---------+
         |
         v
+------------------+
| Invoice verified |
| & tokenized      |
+--------+---------+
         |
         v
+------------------+
| Token sold to    |
| liquidity pool   |
| at discount      |
| (Rp 95 Juta)     |
+--------+---------+
         |
         v
+------------------+
| MSME gets        |
| instant cash     |
| Investor gets    |
| yield when       |
| invoice paid     |
+------------------+

4.4 Regulasi Indonesia

Timeline Regulasi:

Tahun	Event	Impact
2019	Bappebti regulate crypto	Crypto sebagai komoditas
2024	20.9 juta users terdaftar	Mass adoption
Jan 2025	OJK ambil alih dari Bappebti	Securities framework
2025	PP No. 28/2025	Blockchain dalam strategi digital nasional

Sumber: Detik Finance - Regulasi Aset Digital

PP No. 28/2025 Key Points:

Blockchain sebagai bagian strategi digital nasional
Framework sandbox untuk inovator fintech & blockchain
Klasifikasi ulang aset digital
Pathway untuk RWA tokenization

4.5 Ekosistem Crypto Indonesia

Metrik	2021	2024	Pertumbuhan
Pengguna Terdaftar	9.9 Juta	20.9 Juta	+111%
Volume Transaksi Bulanan	$739 Juta	$2.25 Miliar	+204%
Ranking Global Adopsi Web3	-	#3	Top 3 Dunia

5. Kenapa Mantle untuk RWA?

Mantle Network telah memposisikan diri sebagai "gateway" utama untuk institusi dan TradFi terhubung dengan ekosistem on-chain dan real-world assets.

Sumber: Mantle 2025 RWApped

5.1 Keunggulan Teknis Mantle

MANTLE NETWORK ARCHITECTURE
===========================

+----------------------------------------------------------+
|                    MANTLE NETWORK                         |
+----------------------------------------------------------+
|                                                          |
|  +-------------------+     +------------------------+    |
|  | Execution Layer   |     | Data Availability      |    |
|  | (OP Stack)        |     | (EigenDA)              |    |
|  +-------------------+     +------------------------+    |
|           |                          |                   |
|           v                          v                   |
|  +-------------------+     +------------------------+    |
|  | Settlement Layer  |     | Consensus              |    |
|  | (Ethereum L1)     |     | (OP Stack + ZK)        |    |
|  +-------------------+     +------------------------+    |
|                                                          |
+----------------------------------------------------------+

SPECIFICATIONS:
+------------------------+----------------------------------+
| Feature                | Specification                    |
+------------------------+----------------------------------+
| Gas Fees               | 95%+ cheaper than Ethereum       |
| Deploy Cost            | $1-5 vs $150-300 on Ethereum     |
| TPS                    | High throughput                  |
| Finality               | Minutes (vs hours on other L2s)  |
| Technology             | First OP Stack L2 as ZK Rollup   |
| TVL Ranking            | Largest ZK rollup by TVL         |
| Treasury               | $7.9 Billion (peak)              |
+------------------------+----------------------------------+

5.2 Mengapa Mantle Ideal untuk RWA?

MANTLE VALUE PROPOSITION untuk RWA
==================================

1. LOW COST
   ├── Deploy RWA contract: $1-5
   ├── Transfer token: < $0.01
   └── Makes micro-investments viable

2. HIGH THROUGHPUT
   ├── Supports high-volume trading
   ├── Corporate actions (dividends) at scale
   └── Real-time settlement

3. INSTITUTIONAL BACKING
   ├── Bybit as anchor exchange
   ├── $7.9B treasury for ecosystem development
   └── Credibility for TradFi institutions

4. RWA-FOCUSED ECOSYSTEM
   ├── Ondo USDY native integration
   ├── Backed xStocks partnership
   ├── Securitize collaboration
   └── RWA as "Top Priority" track

5. REGULATORY READINESS
   ├── Compliance-friendly architecture
   ├── Institutional-grade security
   └── Audit trail on-chain

5.3 Ekosistem RWA di Mantle

Pada 1 Oktober 2025, Mantle melakukan integrasi besar-besaran dengan protokol RWA:

Protokol	Kategori	Deskripsi	Link
Ondo USDY	Tokenized Treasury	Treasury-backed stablecoin, ~5% yield	ondo.finance
Ethena USDe	Synthetic Dollar	Delta-hedged stable asset	ethena.fi
Backed/xStocks	Tokenized Equities	AAPL, NVDA, MSFT tokens	backed.fi
Securitize	Tokenization Platform	BlackRock BUIDL partner	securitize.io
Aave	DeFi Lending	RWA as collateral	aave.com
Anchorage	Custody	Institutional-grade custody	anchorage.com

5.4 Mantle vs Kompetitor untuk RWA

Fitur	Mantle	Ethereum	Polygon	Solana	Avalanche
Gas Cost	Very Low	High	Low	Very Low	Low
TPS	High	Low	Medium	Very High	High
Institutional Trust	High	Very High	Medium	Medium	Medium
Treasury Support	$7.9B	N/A	N/A	N/A	N/A
EVM Compatible	Yes	Native	Yes	No	Yes
RWA Ecosystem	Growing Fast	Established	Growing	Limited	Growing
ZK Technology	Yes	Via L2s	Yes	No	No

6. Tokenization Standards

6.1 Evolution of Token Standards

EVOLUTION OF TOKEN STANDARDS
============================

2015: ERC-20
├── Basic fungible token
├── No compliance features
├── Simple transfer() function
└── Used for: Utility tokens, basic cryptocurrencies

2017: ERC-721
├── Non-fungible tokens (NFTs)
├── Unique asset representation
├── tokenURI for metadata
└── Used for: Art, collectibles, gaming

2018: ERC-1400
├── Security token standard
├── Partitions (tranches)
├── Transfer restrictions
├── Document management
└── Used for: Equity tokens, bonds

2021: ERC-1155
├── Multi-token standard
├── Batch transfers
├── Both fungible & non-fungible
└── Used for: Gaming, mixed assets

2025: ERC-3643 (Official)
├── Permissioned token standard
├── Built-in identity (ONCHAINID)
├── Modular compliance
├── $28B+ assets tokenized
└── Used for: RWA, security tokens

6.2 ERC-3643 Deep Dive

ERC-3643 (sebelumnya T-REX Protocol) adalah standar yang paling banyak digunakan untuk RWA tokenization.

Sumber: ERC-3643 Official, Tokeny Documentation

Arsitektur ERC-3643

ERC-3643 ARCHITECTURE
=====================

+------------------------------------------------------------------+
|                         ERC-3643 TOKEN                            |
|                     (ERC-20 Compatible)                           |
+------------------------------------------------------------------+
         |                    |                    |
         v                    v                    v
+------------------+  +------------------+  +------------------+
| IDENTITY         |  | COMPLIANCE       |  | TRUSTED ISSUERS  |
| REGISTRY         |  | MODULE           |  | REGISTRY         |
+------------------+  +------------------+  +------------------+
| Maps wallets to  |  | Pluggable rules  |  | Authorized KYC   |
| verified         |  | for transfers:   |  | providers:       |
| identities       |  | - Country        |  | - KYC Provider A |
|                  |  |   restrictions   |  | - KYC Provider B |
| wallet -> ONCHAINID| - Max holders    |  | - Government ID  |
|                  |  | - Lock-up        |  |                  |
|                  |  | - Investment     |  |                  |
|                  |  |   limits         |  |                  |
+------------------+  +------------------+  +------------------+
         |                    |                    |
         +--------------------+--------------------+
                              |
                              v
                    +------------------+
                    |    ONCHAINID     |
                    | (Decentralized   |
                    |  Identity)       |
                    +------------------+
                    | - KYC claims     |
                    | - Accreditation  |
                    | - Country        |
                    | - Expiry         |
                    +------------------+

Komponen ERC-3643

Komponen	Fungsi	Contoh Implementasi
Token	ERC-20 + compliance hooks	Transfer checks identity & compliance
Identity Registry	Maps wallet -> identity	`isVerified(address)`
Modular Compliance	Pluggable transfer rules	Country restriction, max holders
Trusted Issuers	Authorized KYC providers	Approved claim issuers
ONCHAINID	Self-sovereign identity	Stores KYC claims

Fitur Unik ERC-3643

FITUR ERC-3643
==============

1. PERMISSIONED TRANSFERS
   - Setiap transfer di-check
   - Sender & receiver harus verified
   - Compliance rules enforced on-chain

2. IDENTITY VERIFICATION
   - ONCHAINID: Self-sovereign identity
   - Claims from trusted issuers
   - Privacy-preserving (only claims, not data)

3. MODULAR COMPLIANCE
   - Add/remove compliance modules tanpa redeploy
   - Examples:
     - CountryRestrictionModule
     - MaxHolderModule
     - LockUpModule
     - InvestmentLimitModule

4. TOKEN RECOVERY
   - Lost wallet? Admin bisa recover tokens
   - Important untuk regulated securities
   - Requires identity verification

5. FORCED TRANSFERS
   - Legal orders, court decisions
   - Estate settlement
   - Corporate actions

6. FREEZE/UNFREEZE
   - AML/sanctions compliance
   - Regulatory hold
   - Dispute resolution

6.3 ERC-3643 vs ERC-1400

Aspek	ERC-1400	ERC-3643
Status	Proposal/Draft	Official ERC Standard
Focus	Security tokens only	All permissioned assets
Identity	External, not standardized	Built-in ONCHAINID
Compliance	Basic, in-contract	Modular, pluggable
Partitions	Yes (tranches)	No (but can be added)
Token Recovery	No	Yes, built-in
Freeze Function	No	Yes, built-in
DeFi Compatible	Limited	Yes, ERC-20 compatible
Assets Tokenized	Unknown	$28+ Billion
Documentation	Limited	Extensive

Kapan Menggunakan Masing-masing?

DECISION TREE: ERC-1400 vs ERC-3643
===================================

START
  |
  v
Butuh PARTITIONS (tranches) untuk kelas aset berbeda?
  |
  +-- YES --> Pertimbangkan ERC-1400
  |           (e.g., Preferred vs Common stock)
  |
  +-- NO
       |
       v
     Butuh IDENTITY VERIFICATION on-chain?
       |
       +-- YES --> ERC-3643 ✓
       |
       +-- NO --> Standard ERC-20 mungkin cukup
            |
            v
          Butuh MODULAR COMPLIANCE yang bisa di-update?
            |
            +-- YES --> ERC-3643 ✓
            |
            +-- NO
                 |
                 v
               Butuh TOKEN RECOVERY untuk lost keys?
                 |
                 +-- YES --> ERC-3643 ✓
                 |
                 +-- NO
                      |
                      v
                    Butuh FREEZE function untuk AML?
                      |
                      +-- YES --> ERC-3643 ✓
                      |
                      +-- NO --> Bisa pakai ERC-20 atau ERC-1400

6.4 Standar Lainnya

Standard	Use Case	Key Feature
ERC-20	Basic fungible tokens	Simple, widely supported
ERC-721	NFTs, unique assets	Non-fungible, metadata
ERC-1155	Multi-token (gaming)	Batch operations
ERC-1400	Security tokens	Partitions, documents
ERC-3643	Permissioned RWA	Identity, compliance
ERC-4626	Tokenized vaults	Yield-bearing tokens

7. Compliance Patterns

7.1 Mengapa Compliance Penting untuk RWA?

COMPLIANCE adalah MANDATORY untuk RWA
=====================================

Tanpa compliance:
- Token tidak bisa legally di-issue
- Institusi tidak mau adopt
- Regulatory enforcement risk
- Investor protection concerns

Dengan compliance:
+ Legal certainty
+ Institutional adoption
+ Regulatory approval
+ Investor confidence

7.2 KYC (Know Your Customer)

Apa itu KYC?

KYC adalah proses verifikasi identitas customer sebelum mereka dapat menggunakan layanan keuangan. Dalam konteks RWA, KYC memastikan hanya investor yang terverifikasi yang dapat memegang token.

Sumber: iDenfy - RWA KYC

KYC Levels

KYC LEVELS untuk RWA
====================

LEVEL 0: NO KYC
├── Tidak terverifikasi
├── Tidak bisa hold token
└── Blocked dari semua activities

LEVEL 1: BASIC KYC
├── ID verification (KTP/Passport)
├── Selfie match
├── Basic background check
└── Limit: Retail investor, small amounts

LEVEL 2: ENHANCED KYC
├── All Level 1 requirements
├── Proof of address
├── Source of funds
├── Tax ID (NPWP)
└── Limit: Higher amounts

LEVEL 3: ACCREDITED INVESTOR
├── All Level 2 requirements
├── Income/net worth verification
├── Professional investor status
├── Suitability assessment
└── Limit: No limit, access to all offerings

KYC Flow untuk RWA

KYC FLOW
========

STEP 1: DOCUMENT SUBMISSION (Off-chain)
+------------------+
| User submits:    |
| - ID Card/KTP    |
| - Selfie         |
| - Proof of       |
|   Address        |
+--------+---------+
         |
         v
STEP 2: VERIFICATION (Off-chain, KYC Provider)
+------------------+
| KYC Provider:    |
| - Document       |
|   authenticity   |
| - Face match     |
| - Liveness check |
| - Sanctions      |
|   screening      |
| - PEP check      |
+--------+---------+
         |
         v
STEP 3: CLAIM ISSUANCE (On-chain)
+------------------+
| Trusted Issuer   |
| signs claim:     |
| - KYC verified   |
| - Country code   |
| - Expiry date    |
| - KYC level      |
+--------+---------+
         |
         v
STEP 4: IDENTITY REGISTRATION (On-chain)
+------------------+
| KYCRegistry:     |
| registerInvestor(|
|   wallet,        |
|   level,         |
|   country,       |
|   expiry         |
| )                |
+--------+---------+
         |
         v
STEP 5: WALLET WHITELISTED
+------------------+
| User can now:    |
| - Receive tokens |
| - Transfer tokens|
| - Participate in |
|   offerings      |
+------------------+

7.3 AML (Anti-Money Laundering)

Apa itu AML?

AML adalah serangkaian prosedur untuk mencegah pencucian uang dan pendanaan terorisme. Dalam blockchain, ini melibatkan:

Transaction monitoring
Sanctions screening
Suspicious activity reporting

AML Components

AML FRAMEWORK untuk RWA
=======================

1. CUSTOMER DUE DILIGENCE (CDD)
   ├── Identity verification (KYC)
   ├── Source of funds
   ├── Purpose of investment
   └── Ongoing monitoring

2. SANCTIONS SCREENING
   ├── OFAC (US)
   ├── UN sanctions
   ├── EU sanctions
   └── Local sanctions lists

3. PEP SCREENING
   ├── Politically Exposed Persons
   ├── Family members
   ├── Close associates
   └── Enhanced due diligence if PEP

4. TRANSACTION MONITORING
   ├── Unusual patterns
   ├── Large transactions
   ├── Rapid movement
   └── Round-trip transactions

5. SUSPICIOUS ACTIVITY REPORTING
   ├── SAR filing
   ├── Regulatory notification
   └── Internal escalation

On-chain AML Implementation

ON-CHAIN AML CHECK
==================

Setiap transfer melalui flow ini:

+----------+     +-------------+     +----------+
|  Sender  | --> | AML Module  | --> | Receiver |
+----------+     +------+------+     +----------+
                        |
         +--------------+--------------+
         |              |              |
         v              v              v
   +-----------+  +-----------+  +-----------+
   | Sanctions |  | Risk      |  | Pattern   |
   | Check     |  | Score     |  | Analysis  |
   +-----------+  +-----------+  +-----------+
         |              |              |
         v              v              v
   +-------------------------------------------+
   |              RESULT                        |
   +-------------------------------------------+
   | PASS   | Transfer proceeds                |
   | FLAG   | Manual review required           |
   | BLOCK  | Transfer rejected                |
   +-------------------------------------------+

7.4 Whitelisting

Apa itu Whitelisting?

Whitelisting adalah mekanisme untuk membatasi siapa yang boleh memegang dan mentransfer token. Hanya wallet yang ada di whitelist yang diizinkan berinteraksi dengan token.

Whitelist Implementation

WHITELIST SYSTEM
================

+------------------+
| WHITELIST        |
| REGISTRY         |
+------------------+
| address -> {     |
|   status,        |
|   level,         |
|   limit,         |
|   expiry         |
| }                |
+------------------+

STATUS:
- NOT_WHITELISTED (0): Tidak bisa transfer
- PENDING (1): Menunggu approval
- APPROVED (2): Bisa transfer
- SUSPENDED (3): Temporary block
- REVOKED (4): Permanent block

TRANSFER CHECK:
+----------+     +-----------+     +----------+
|  Sender  | --> | Whitelist | --> | Receiver |
|          |     | Check     |     |          |
+----------+     +-----------+     +----------+
                       |
         Both APPROVED?
              |
    +---------+---------+
    |                   |
   YES                 NO
    |                   |
    v                   v
 ALLOW              REVERT

7.5 Transfer Restrictions

Types of Restrictions

TRANSFER RESTRICTIONS
=====================

1. COUNTRY RESTRICTION
   +------------------+
   | Banned countries |
   | - Sanctioned     |
   | - No legal       |
   |   framework      |
   +------------------+
   Check: investorCountry NOT IN bannedList

2. LOCK-UP PERIOD
   +------------------+
   | Time-based lock  |
   | - 6 months       |
   | - 1 year         |
   | - Until event    |
   +------------------+
   Check: block.timestamp > lockUpEnd

3. INVESTMENT LIMIT
   +------------------+
   | Max holdings per |
   | investor         |
   | - % of total     |
   | - Absolute       |
   +------------------+
   Check: balance + amount <= maxLimit

4. MAX HOLDERS
   +------------------+
   | Total number of  |
   | unique holders   |
   | - Regulatory     |
   | - For exemptions |
   +------------------+
   Check: holderCount < maxHolders

5. ACCREDITATION
   +------------------+
   | Minimum investor |
   | qualification    |
   | - Accredited     |
   | - Professional   |
   +------------------+
   Check: kycLevel >= required

7.6 Complete Compliance Flow

COMPLETE COMPLIANCE FLOW
========================

INVESTOR ONBOARDING:
====================
1. Submit KYC documents
2. KYC Provider verifies identity
3. AML screening (sanctions, PEP check)
4. Accreditation verification (if required)
5. Risk assessment
6. Claim issued by Trusted Issuer
7. Identity registered on-chain
8. Added to whitelist

TOKEN TRANSFER:
==============
+----------+     +------------------------------------+     +----------+
|  Sender  | --> |         COMPLIANCE CHECK           | --> | Receiver |
+----------+     +------------------------------------+     +----------+
                 |                                    |
                 | 1. Is sender whitelisted?          |
                 |    └── NO: REVERT                  |
                 |                                    |
                 | 2. Is receiver whitelisted?        |
                 |    └── NO: REVERT                  |
                 |                                    |
                 | 3. Is sender frozen?               |
                 |    └── YES: REVERT                 |
                 |                                    |
                 | 4. Is receiver frozen?             |
                 |    └── YES: REVERT                 |
                 |                                    |
                 | 5. Is sender KYC valid?            |
                 |    └── NO: REVERT                  |
                 |                                    |
                 | 6. Is receiver KYC valid?          |
                 |    └── NO: REVERT                  |
                 |                                    |
                 | 7. Country restrictions?           |
                 |    └── YES: REVERT                 |
                 |                                    |
                 | 8. Lock-up period active?          |
                 |    └── YES: REVERT                 |
                 |                                    |
                 | 9. Exceeds investment limit?       |
                 |    └── YES: REVERT                 |
                 |                                    |
                 | 10. All checks pass?               |
                 |     └── YES: ALLOW                 |
                 +------------------------------------+

ONGOING MONITORING:
==================
- Transaction pattern analysis
- Periodic KYC refresh
- Sanctions list updates
- Risk score recalculation
- Regulatory reporting

8. Oracle & Off-chain Data

8.1 Mengapa Oracle Penting untuk RWA?

RWA adalah jembatan antara dunia on-chain dan off-chain. Oracle diperlukan untuk membawa data off-chain ke blockchain.

ORACLE dalam RWA
================

OFF-CHAIN WORLD                 ON-CHAIN WORLD
===============                 ==============

+---------------+               +---------------+
| Asset Value   |               | Smart         |
| (Appraisal)   |               | Contract      |
+---------------+               +---------------+
        |                               ^
        |                               |
        +------- ORACLE ----------------+
                   |
           +-------+-------+
           |       |       |
           v       v       v
        Price   Events   Status
        Feed    Feed     Feed

8.2 Jenis Oracle untuk RWA

Oracle Type	Data	Provider	Use Case
Price Feed	Asset prices	Chainlink, Pyth	NAV calculation, collateral value
Proof of Reserve	Custodian holdings	Chainlink PoR	Verify backing
Identity Oracle	KYC status	ONCHAINID, Civic	Compliance
Event Oracle	Corporate actions	Custom	Dividends, votes
NAV Oracle	Fund valuations	Custom	Fund tokens

8.3 Chainlink Proof of Reserve

PROOF OF RESERVE FLOW
=====================

+------------------+     +------------------+     +------------------+
| CUSTODIAN        | --> | CHAINLINK        | --> | SMART CONTRACT   |
| (Off-chain)      |     | ORACLE           |     | (On-chain)       |
+------------------+     +------------------+     +------------------+
|                  |     |                  |     |                  |
| Gold: 1000 oz    |     | Verify &         |     | Check:           |
| in vault         |     | attest           |     | totalSupply <=   |
|                  |     |                  |     | proofOfReserve   |
+------------------+     +------------------+     +------------------+

USE CASES:
- Gold-backed tokens (PAXG)
- Stablecoins (USDC)
- Tokenized treasuries
- Real estate tokens

Sumber: Chainlink Proof of Reserve

8.4 Oracle Implementation Considerations

ORACLE CONSIDERATIONS
=====================

1. DATA FRESHNESS
   - How often is data updated?
   - Acceptable staleness?
   - Heartbeat interval

2. DATA SOURCE
   - Single source vs multiple
   - Decentralized aggregation
   - Source reputation

3. COST
   - Oracle fees
   - Gas cost for updates
   - Update frequency

4. TRUST MODEL
   - Centralized oracle risk
   - Decentralized oracle (Chainlink)
   - Hybrid approaches

5. FALLBACK
   - What if oracle fails?
   - Backup data sources
   - Circuit breakers

9. DeFi x RWA Integration

9.1 Convergence of DeFi and TradFi

DEFI + RWA = NEXT FINANCIAL SYSTEM
==================================

             TRADITIONAL FINANCE
             +------------------+
             | - Stable yields  |
             | - Real backing   |
             | - Regulatory     |
             |   clarity        |
             +--------+---------+
                      |
                      v
            +---------+---------+
            |    RWA TOKENS     |
            | Tokenized real    |
            | world assets      |
            +---------+---------+
                      |
                      v
             +--------+---------+
             |    DEFI          |
             | - Composability  |
             | - 24/7 trading   |
             | - Programmable   |
             +------------------+

9.2 DeFi Use Cases untuk RWA

Use Case 1: RWA sebagai Collateral

RWA as COLLATERAL
=================

Scenario: Use tokenized Treasury sebagai collateral untuk borrow stablecoin

+------------------+     +------------------+     +------------------+
| Deposit USDY     | --> | AAVE Protocol    | --> | Borrow USDC      |
| (Treasury token) |     | (Lending)        |     |                  |
| Value: $10,000   |     | LTV: 80%         |     | Amount: $8,000   |
+------------------+     +------------------+     +------------------+

Benefits:
- USDY earning ~5% yield
- Borrowed USDC can be used elsewhere
- Net cost = Borrow rate - USDY yield
- No selling, keep exposure

Use Case 2: RWA Yield Aggregation

RWA YIELD AGGREGATION
=====================

+------------------+
| User deposits    |
| USDC             |
+--------+---------+
         |
         v
+------------------+
| Yield Aggregator |
| (e.g., Yearn)    |
+--------+---------+
         |
    +----+----+
    |         |
    v         v
+-------+ +-------+
| USDY  | | BUIDL |
| 5.2%  | | 5.0%  |
+-------+ +-------+
    |         |
    +----+----+
         |
         v
+------------------+
| Best yield       |
| automatically    |
| selected         |
+------------------+

Use Case 3: RWA-backed Stablecoin

RWA-BACKED STABLECOIN
=====================

Traditional (USDC):
+------------------+
| 1 USDC =         |
| $1 in bank       |
| account          |
+------------------+

RWA-backed (USDY):
+------------------+
| 1 USDY =         |
| $1 + yield from  |
| Treasury bonds   |
+------------------+

MakerDAO (DAI):
+------------------+
| DAI backed by:   |
| - ETH (crypto)   |
| - USDC           |
| - RWA (via       |
|   Centrifuge)    |
+------------------+

9.3 Challenges DeFi x RWA

CHALLENGES
==========

1. COMPLIANCE
   - DeFi = permissionless
   - RWA = permissioned
   - How to reconcile?

   Solution: Permissioned DeFi pools
   - Separate pools for KYC'd users
   - Compliance at pool level
   - Example: Aave Arc, Compound Treasury

2. LIQUIDITY
   - RWA tokens less liquid
   - Larger spreads
   - Price discovery issues

   Solution:
   - Market makers
   - Liquidity mining
   - Multiple trading venues

3. ORACLE DEPENDENCY
   - NAV updates needed
   - Off-chain data dependency
   - Oracle failure risk

   Solution:
   - Multiple oracle sources
   - Circuit breakers
   - Fallback mechanisms

4. REDEMPTION
   - DeFi = instant
   - Real assets = not instant
   - Mismatch

   Solution:
   - Liquidity buffers
   - Redemption queues
   - Notice periods

10. Contoh Proyek RWA di Hackathon

Berikut adalah contoh-contoh proyek RWA yang memenangkan atau berpartisipasi di berbagai hackathon:

10.1 Mantle Global Hackathon 2025

Sumber: HackQuest - Mantle Global Hackathon

Info	Detail
Prize Pool	$150,000 USDT
Participants	800+ builders
Top Priority Track	RWA/RealFi
Submission Deadline	January 15, 2026
Winner Announcement	February 7, 2026

RWA Track Focus:

Tokenization of real estate, bonds, invoices
KYC flows & custody models
Compliant yield distribution

Sumber: Castle Labs - Mantle RWA Push

10.2 Hedera #HelloFuture Hackathon 2024

Sumber: Hedera Blog - HelloFuture Winners

RWA Winners:

Project	Deskripsi	Innovation
Solo	Tokenizing government bonds on private/public blockchain	Hybrid chain approach
Savera	Blockchain wallet for underserved communities	Financial inclusion

10.3 Chainlink Constellation Hackathon

Sumber: Chainlink Blog - Constellation Winners

Notable RWA Projects:

Cross-chain RWA bridges
Oracle-powered asset valuation
Automated compliance verification

10.4 Ide Project untuk Hackathon

Kategori	Ide Project	Kompleksitas	Key Features
Real Estate	Fractional property ownership	Medium	KYC, fractional, yield distribution
Invoice Financing	MSME invoice tokenization	Medium	Credit scoring, tranching
Commodities	Gold-backed token dengan PoR	High	Oracle integration, custody
Government Bonds	Tokenized SBN Indonesia	High	Regulatory compliance, yield
Carbon Credits	Tokenized carbon offsets	Medium	Verification, retirement

🏆 Final Challenge: IndonesiaPropertyToken - RWA Real Estate DApp

Tentang Challenge Ini

IndonesiaPropertyToken: Tokenisasi Real Estate dengan Compliance

Bangun platform tokenisasi properti real estate Indonesia di Mantle Network! Challenge ini mengimplementasikan konsep RWA (Real World Assets) dengan KYC/AML compliance, fractional ownership, dan transfer restrictions.

🏠 Real Estate🏛️ RWA✅ Compliance⛓️ Mantle Network

📋 Deskripsi Challenge

Latar Belakang: Investasi properti di Indonesia selalu membutuhkan modal besar (minimal ratusan juta rupiah). Dengan tokenisasi RWA, kita bisa membuat investasi properti yang:

Fractional - Beli sebagian kecil properti (mulai Rp 100.000)
Compliant - KYC/AML sesuai regulasi OJK
Transparent - Semua ownership tercatat on-chain
Liquid - Bisa diperdagangkan 24/7
Secure - Admin controls untuk legal compliance

Misi Anda: Buat 2 smart contracts yang saling terintegrasi:

KYCRegistry.sol - Mengelola whitelist investor yang sudah KYC
IndonesiaPropertyToken.sol - Token ERC-20 dengan compliance checks

🔧 Spesifikasi Teknis

Architecture

ARCHITECTURE: IndonesiaPropertyToken
====================================

+-------------------+     +-------------------+
|   PropertyToken   |<----|   KYCRegistry     |
|   (ERC-20 + RWA)  |     |   (Whitelist)     |
+-------------------+     +-------------------+
         |                         |
         v                         v
+-------------------+     +-------------------+
|   PropertyInfo    |     |   Compliance      |
|   (Asset Data)    |     |   (Transfer Rules)|
+-------------------+     +-------------------+

Data Structures - KYCRegistry

// KYC Levels untuk investor
enum KYCLevel {
    NONE,           // 0 - Belum KYC (blocked)
    BASIC,          // 1 - KYC dasar (KTP only)
    VERIFIED,       // 2 - KYC lengkap (KTP + NPWP)
    ACCREDITED      // 3 - Investor terakreditasi
}

// Data investor
struct Investor {
    KYCLevel level;
    uint256 expiryDate;     // Kapan KYC expired
    uint16 countryCode;     // 360 = Indonesia
    bool isActive;          // Active atau revoked
}

Data Structures - PropertyToken

// Informasi properti
struct PropertyInfo {
    string propertyName;        // "Apartemen Sudirman Tower"
    string location;            // "Jakarta Selatan"
    uint256 totalValue;         // Total value in IDR
    uint256 totalTokens;        // Total tokens = 100% ownership
    string legalDocument;       // IPFS hash of legal docs
    bool isActive;
}

State Variables yang Dibutuhkan

KYCRegistry:

address public admin;
mapping(address => Investor) public investors;
uint256 public totalInvestors;

PropertyToken:

address public admin;
address public kycRegistry;                              // Reference ke KYCRegistry
mapping(address => bool) public frozen;                  // Frozen accounts
mapping(address => uint256) public balances;             // Token balances
mapping(address => mapping(address => uint256)) public allowances;
uint256 public minInvestment = 1 ether;                  // Min investment
uint256 public maxInvestment = 1000 ether;               // Max investment

Events yang Dibutuhkan

KYCRegistry:

event InvestorRegistered(address indexed investor, KYCLevel level);
event InvestorUpdated(address indexed investor, KYCLevel newLevel);
event InvestorRevoked(address indexed investor);

PropertyToken:

event Transfer(address indexed from, address indexed to, uint256 value);
event Approval(address indexed owner, address indexed spender, uint256 value);
event AccountFrozen(address indexed account, string reason);
event AccountUnfrozen(address indexed account);

Functions yang Harus Dibuat

KYCRegistry Functions:

Function	Akses	Deskripsi
`registerInvestor(address, KYCLevel, uint16, uint256)`	Admin Only	Register investor baru dengan KYC
`updateInvestor(address, KYCLevel)`	Admin Only	Update KYC level investor
`revokeInvestor(address)`	Admin Only	Revoke/blacklist investor
`isVerified(address)`	View	Check apakah investor verified & active
`meetsLevel(address, KYCLevel)`	View	Check apakah meets minimum level
`getInvestor(address)`	View	Get full investor data

PropertyToken Functions:

Function	Akses	Deskripsi
`balanceOf(address)`	View	Get token balance
`transfer(address, uint256)`	Public + Compliance	Transfer dengan KYC check
`approve(address, uint256)`	Public	Approve spender
`transferFrom(address, address, uint256)`	Public + Compliance	Transfer from allowance
`freezeAccount(address, string)`	Admin Only	Freeze account (AML)
`unfreezeAccount(address)`	Admin Only	Unfreeze account
`forceTransfer(address, address, uint256)`	Admin Only	Force transfer (legal)
`getOwnershipPercent(address)`	View	Get ownership %
`canTransfer(address, address, uint256)`	View	Pre-check transfer validity

Modifiers yang Dibutuhkan

modifier onlyAdmin()
modifier notFrozen(address _account)
modifier onlyVerified(address _account)

📝 Template Starter Code

Contract 1: KYCRegistry.sol

// SPDX-License-Identifier: MIT
pragma solidity ^0.8.20;

/// @title KYCRegistry
/// @author [Nama Anda]
/// @notice Manages KYC verification for IndonesiaPropertyToken
/// @dev Deploy this contract first, then use its address in PropertyToken

contract KYCRegistry {

    // ============================================
    // ENUMS & STRUCTS
    // ============================================

    enum KYCLevel {
        NONE,           // 0 - Belum KYC
        BASIC,          // 1 - KYC dasar (KTP)
        VERIFIED,       // 2 - KYC lengkap (KTP + NPWP)
        ACCREDITED      // 3 - Investor terakreditasi
    }

    struct Investor {
        KYCLevel level;
        uint256 expiryDate;
        uint16 countryCode;
        bool isActive;
    }

    // ============================================
    // STATE VARIABLES
    // ============================================

    // TODO: Deklarasikan state variables
    // Hint: admin, investors mapping, totalInvestors


    // ============================================
    // EVENTS
    // ============================================

    // TODO: Deklarasikan events
    // Hint: InvestorRegistered, InvestorUpdated, InvestorRevoked


    // ============================================
    // MODIFIERS
    // ============================================

    // TODO: Buat modifier onlyAdmin


    // ============================================
    // CONSTRUCTOR
    // ============================================

    constructor() {
        // TODO: Set admin = msg.sender
    }

    // ============================================
    // ADMIN FUNCTIONS
    // ============================================

    /// @notice Register new investor after KYC verification
    /// @param _investor Wallet address of investor
    /// @param _level KYC level (1-3)
    /// @param _countryCode Country code (360 for Indonesia)
    /// @param _validDays How many days KYC is valid
    function registerInvestor(
        address _investor,
        KYCLevel _level,
        uint16 _countryCode,
        uint256 _validDays
    ) external {
        // TODO: Implementasi
        // 1. Tambahkan modifier onlyAdmin
        // 2. Validasi address tidak zero
        // 3. Validasi level bukan NONE
        // 4. Validasi belum registered
        // 5. Buat Investor struct dengan expiryDate = block.timestamp + (_validDays * 1 days)
        // 6. Simpan di mapping
        // 7. Increment totalInvestors
        // 8. Emit event
    }

    /// @notice Update investor KYC level
    function updateInvestor(
        address _investor,
        KYCLevel _newLevel
    ) external {
        // TODO: Implementasi (onlyAdmin)
    }

    /// @notice Revoke investor KYC (blacklist)
    function revokeInvestor(address _investor) external {
        // TODO: Implementasi (onlyAdmin)
        // Set isActive = false, decrement totalInvestors
    }

    // ============================================
    // VIEW FUNCTIONS
    // ============================================

    /// @notice Check if investor is verified and active
    function isVerified(address _investor) public view returns (bool) {
        // TODO: Implementasi
        // Return false jika: !isActive, level == NONE, atau expired
        // Return true jika semua check passed
    }

    /// @notice Check if investor meets minimum KYC level
    function meetsLevel(
        address _investor,
        KYCLevel _requiredLevel
    ) public view returns (bool) {
        // TODO: Implementasi
        // Hint: uint8(investors[_investor].level) >= uint8(_requiredLevel)
    }

    /// @notice Get investor details
    function getInvestor(address _investor) external view returns (
        KYCLevel level,
        uint256 expiryDate,
        uint16 countryCode,
        bool isActive
    ) {
        // TODO: Implementasi
    }
}

Contract 2: IndonesiaPropertyToken.sol

// SPDX-License-Identifier: MIT
pragma solidity ^0.8.20;

/// @title IndonesiaPropertyToken
/// @author [Nama Anda]
/// @notice ERC-20 token representing fractional ownership of Indonesian real estate
/// @dev Implements compliance checks via KYCRegistry

contract IndonesiaPropertyToken {

    // ============================================
    // STRUCTS
    // ============================================

    struct PropertyInfo {
        string propertyName;
        string location;
        uint256 totalValue;
        uint256 totalTokens;
        string legalDocument;
        bool isActive;
    }

    // ============================================
    // STATE VARIABLES
    // ============================================

    // Token metadata
    string public name;
    string public symbol;
    uint8 public constant decimals = 18;
    uint256 public totalSupply;

    // Property info
    PropertyInfo public property;

    // TODO: Deklarasikan state variables lainnya
    // Hint: admin, kycRegistry, frozen mapping, balances mapping, allowances mapping
    // Hint: minInvestment, maxInvestment


    // ============================================
    // EVENTS
    // ============================================

    // TODO: Deklarasikan events
    // Hint: Transfer, Approval, AccountFrozen, AccountUnfrozen


    // ============================================
    // MODIFIERS
    // ============================================

    // TODO: Buat modifiers
    // Hint: onlyAdmin, notFrozen(address), onlyVerified(address)


    // ============================================
    // CONSTRUCTOR
    // ============================================

    /// @notice Deploy property token
    /// @param _name Token name (e.g., "Sudirman Tower Token")
    /// @param _symbol Token symbol (e.g., "SDMN")
    /// @param _kycRegistry Address of deployed KYCRegistry
    /// @param _propertyName Name of the property
    /// @param _location Property location
    /// @param _totalValue Total property value in IDR
    /// @param _totalTokens Total tokens to mint (representing 100%)
    constructor(
        string memory _name,
        string memory _symbol,
        address _kycRegistry,
        string memory _propertyName,
        string memory _location,
        uint256 _totalValue,
        uint256 _totalTokens
    ) {
        // TODO: Implementasi
        // 1. Validasi _kycRegistry tidak zero
        // 2. Set name, symbol, admin, kycRegistry
        // 3. Buat PropertyInfo struct
        // 4. Mint semua tokens ke admin (totalSupply = _totalTokens)
        // 5. Emit Transfer event dari address(0)
    }

    // ============================================
    // ERC-20 FUNCTIONS
    // ============================================

    function balanceOf(address _owner) public view returns (uint256) {
        // TODO: Return balance
    }

    /// @notice Transfer tokens with compliance checks
    /// @dev Both sender and receiver must be KYC verified and not frozen
    function transfer(
        address _to,
        uint256 _value
    ) public returns (bool) {
        // TODO: Implementasi
        // 1. Tambahkan modifiers: notFrozen(msg.sender), notFrozen(_to), onlyVerified(msg.sender), onlyVerified(_to)
        // 2. Validasi _to tidak zero
        // 3. Validasi balance cukup
        // 4. Validasi tidak exceed maxInvestment
        // 5. Update balances
        // 6. Emit Transfer event
    }

    function approve(address _spender, uint256 _value) public returns (bool) {
        // TODO: Implementasi
    }

    function allowance(address _owner, address _spender) public view returns (uint256) {
        // TODO: Implementasi
    }

    function transferFrom(
        address _from,
        address _to,
        uint256 _value
    ) public returns (bool) {
        // TODO: Implementasi (similar to transfer but check allowance)
    }

    // ============================================
    // ADMIN FUNCTIONS
    // ============================================

    /// @notice Freeze account (for AML/compliance)
    function freezeAccount(
        address _account,
        string calldata _reason
    ) external {
        // TODO: Implementasi (onlyAdmin)
    }

    /// @notice Unfreeze account
    function unfreezeAccount(address _account) external {
        // TODO: Implementasi (onlyAdmin)
    }

    /// @notice Force transfer (for legal compliance, recovery)
    function forceTransfer(
        address _from,
        address _to,
        uint256 _value
    ) external {
        // TODO: Implementasi (onlyAdmin)
        // Transfer tanpa compliance check (untuk court order, estate, dll)
    }

    /// @notice Update property legal documents
    function setLegalDocument(string calldata _ipfsHash) external {
        // TODO: Implementasi (onlyAdmin)
    }

    /// @notice Update investment limits
    function setInvestmentLimits(
        uint256 _min,
        uint256 _max
    ) external {
        // TODO: Implementasi (onlyAdmin)
    }

    // ============================================
    // VIEW FUNCTIONS
    // ============================================

    /// @notice Get ownership percentage (in basis points, 10000 = 100%)
    function getOwnershipPercent(address _owner) public view returns (uint256) {
        // TODO: Implementasi
        // Formula: (balances[_owner] * 10000) / totalSupply
    }

    /// @notice Get token value in IDR
    function getTokenValueIDR() public view returns (uint256) {
        // TODO: Implementasi
        // Formula: property.totalValue / property.totalTokens
    }

    /// @notice Check if transfer would be allowed
    function canTransfer(
        address _from,
        address _to,
        uint256 _value
    ) public view returns (bool, string memory) {
        // TODO: Implementasi
        // Check: frozen, KYC verified, balance, max investment
        // Return (false, "reason") atau (true, "Transfer allowed")
    }

    // ============================================
    // INTERNAL FUNCTIONS
    // ============================================

    /// @notice Check if account is KYC verified
    function _isVerified(address _account) internal view returns (bool) {
        // TODO: Implementasi
        // 1. Admin selalu verified
        // 2. Call kycRegistry.isVerified(_account) menggunakan staticcall
        // Hint: (bool success, bytes memory data) = kycRegistry.staticcall(
        //           abi.encodeWithSignature("isVerified(address)", _account)
        //       );
    }
}

🧪 Testing Flow

COMPLETE TESTING FLOW
=====================

1. DEPLOY CONTRACTS
   a. Deploy KYCRegistry
      - Note the contract address
   b. Deploy IndonesiaPropertyToken
      - Use KYCRegistry address

2. REGISTER INVESTORS
   In KYCRegistry:
   - registerInvestor(investor1_address, 2, 360, 365)
   - registerInvestor(investor2_address, 2, 360, 365)

3. TEST TRANSFERS
   In PropertyToken:
   a. Check canTransfer(admin, investor1, 100 ether)
      Expected: (true, "Transfer allowed")

   b. transfer(investor1, 100 ether)
      Expected: Success

   c. Switch to investor1 account
   d. transfer(investor2, 50 ether)
      Expected: Success

4. TEST COMPLIANCE
   a. freezeAccount(investor1, "AML investigation")
   b. Try transfer from investor1
      Expected: Revert "Account is frozen"
   c. unfreezeAccount(investor1)
   d. Transfer should work now

5. TEST REVOCATION
   In KYCRegistry:
   a. revokeInvestor(investor2)
   b. Try transfer to investor2
      Expected: Revert "Not KYC verified"

6. CHECK OWNERSHIP
   - getOwnershipPercent(investor1)
   - getTokenValueIDR()

✅ Checklist Verifikasi

Setelah selesai, cek apakah contracts Anda memenuhi ini:

KYCRegistry:

Ada 3 state variables (admin, investors mapping, totalInvestors)
Ada 3 events
Modifier onlyAdmin bekerja
registerInvestor validasi address, level, dan existing
isVerified check isActive, level, dan expiry
revokeInvestor set isActive = false

PropertyToken:

Constructor mint semua tokens ke admin
transfer() check frozen dan KYC untuk sender DAN receiver
transfer() check maxInvestment limit
freezeAccount() dan unfreezeAccount() bekerja
forceTransfer() bypass semua check (admin only)
canTransfer() return reason yang benar
_isVerified() call KYCRegistry menggunakan staticcall

📤 Cara Submit Challenge

Step 1: Buat Repository GitHub

Buat repository baru di GitHub dengan nama: mantle-rwa-propertytoken-[nama-anda]
Struktur folder:

mantle-rwa-propertytoken-[nama-anda]/
├── contracts/
│   ├── KYCRegistry.sol
│   └── IndonesiaPropertyToken.sol
├── README.md
└── screenshots/
    ├── deploy-kyc.png
    ├── deploy-token.png
    ├── register-investor.png
    ├── transfer-success.png
    ├── transfer-blocked.png
    └── freeze-account.png

Step 2: Isi README.md

# IndonesiaPropertyToken - Mantle Co-Learning Camp RWA Challenge

## Author
- Nama: [Nama Lengkap]
- GitHub: [username]
- Wallet: [address yang digunakan untuk deploy]

## Contract Addresses (Mantle Sepolia)
- KYCRegistry: `0x...`
- IndonesiaPropertyToken: `0x...`

## Property Details
- Property Name: [nama properti]
- Location: [lokasi]
- Total Value: [nilai dalam IDR]
- Total Tokens: [jumlah tokens]

## Features Implemented
- [x] KYC Registry dengan 4 levels
- [x] ERC-20 token dengan compliance
- [x] Transfer restrictions (KYC + frozen)
- [x] Admin controls (freeze, unfreeze, forceTransfer)
- [x] Ownership percentage calculation
- [ ] Bonus: [sebutkan jika ada]

## Screenshots
[Sertakan screenshots dari Remix]

## How to Test
1. Deploy KYCRegistry
2. Deploy IndonesiaPropertyToken dengan KYCRegistry address
3. Register 2 investors di KYCRegistry
4. Transfer tokens dari admin ke investor
5. Test transfer antar investor
6. Test freeze account
7. Test revoke investor

## Lessons Learned
[Tulis apa yang Anda pelajari dari challenge ini tentang RWA dan compliance]

Step 3: Submit di HackQuest

📝 Detail Submission HackQuest:

Task Type: Link
Link: URL GitHub Repository Anda
Section: Belajar dengan HackQuest

💡 Tips Mengerjakan Challenge

Deploy KYCRegistry dulu - PropertyToken butuh address KYCRegistry
Test setiap fungsi - Jangan lanjut sebelum fungsi sebelumnya bekerja
Gunakan Remix VM dulu - Sebelum deploy ke Mantle Sepolia
Copy address dengan benar - Salah address = contract tidak terhubung
Switch account di Remix - Untuk test transfer antar investor
Baca error message - Solidity error biasanya informatif

🎓 Konsep yang Diuji

Challenge ini menguji pemahaman Anda tentang:

✅ Struct & Enum untuk data structures
✅ Mapping untuk investor registry dan balances
✅ Modifier untuk access control dan compliance
✅ Events untuk transparency
✅ Cross-contract calls (staticcall)
✅ Time-based logic (KYC expiry)
✅ ERC-20 token standard
✅ RWA compliance patterns (KYC, AML, freeze)

🏅 Rewards

Peserta yang berhasil menyelesaikan challenge akan mendapatkan:

Points di HackQuest Community
Certificate of Completion dari Mantle Co-Learning Camp
Networking dengan komunitas Web3 Indonesia
Foundation untuk Mantle Global Hackathon ($150K prize pool!)

🎁 Bonus Challenge (Optional)

Untuk yang ingin tantangan lebih, tambahkan fitur:

Dividend Distribution - Distribusi rental income ke token holders
Voting Mechanism - Token holders vote untuk keputusan properti
Multi-Property Support - Satu contract untuk multiple properties
Transfer History - Track semua transfer on-chain
KYC Renewal - Extend KYC expiry dengan fungsi baru

Selamat Mengerjakan!

Challenge ini adalah fondasi untuk membangun RWA protocol yang sesungguhnya. Skill yang Anda pelajari di sini bisa digunakan untuk Mantle Hackathon! 🚀

12. Resources & References

Official Documentation

Resource	Link
ERC-3643 Standard	erc3643.org
T-REX GitHub	github.com/TokenySolutions/T-REX
ERC-3643 Simplified (Raptor)	github.com/Aboudjem/ERC-3643
Tokeny Documentation	tokeny.com/erc3643
QuillHash RWA Guide	github.com/Quillhash/Real-World-Assets-RWA

Mantle Resources

Resource	Link
Mantle Docs	docs.mantle.xyz
Mantle RWA Ecosystem	mantle.xyz/blog
Mantle Hackathon	hackquest.io/hackathons/Mantle-Global-Hackathon-2025

Indonesian Resources

Resource	Link
Tokenize Indonesia	mediaindonesia.com
RWA Indonesia News	bisnis.com
OJK Regulations	ojk.go.id

Analytics & Data

Resource	Link
RWA Analytics	rwa.xyz
CoinGecko RWA	coingecko.com/learn
RWA Market Cap	coinmarketcap.com/real-world-assets

Tools

Tool	Link
Remix IDE	remix.ethereum.org
OpenZeppelin Contracts	docs.openzeppelin.com
Chainlist (Mantle)	chainlist.org/?search=mantle

13. Summary

Real World Assets (RWA) merepresentasikan konvergensi antara keuangan tradisional dan blockchain:

Aspek	Detail
Market Size	$33 Miliar (2025) → $10-30 Triliun (2030)
Indonesia Opportunity	$88 Miliar potensi tokenisasi
Standard	ERC-3643 ($28B+ tokenized)
Key Compliance	KYC, AML, Whitelisting
Mantle Advantage	Low gas, $7.9B treasury, RWA ecosystem

Key Takeaways

RWA menjembatani TradFi dan DeFi - Membawa likuiditas, transparansi, dan efisiensi ke aset tradisional
Legal structuring sangat penting - SPV model paling umum digunakan
Compliance adalah mandatory - KYC/AML/Whitelisting bukan opsional
ERC-3643 adalah standar de facto - Built-in identity dan modular compliance
Indonesia memiliki potensi besar - $88B market opportunity dengan regulasi yang berkembang
Mantle ideal untuk RWA - Low cost, institutional backing, RWA-focused ecosystem

Next Steps

Complete Challenge: Selesaikan Final Challenge IndonesiaPropertyToken di atas
Submit: Upload ke GitHub dan submit di HackQuest
Explore: Baca dokumentasi ERC-3643 dan T-REX untuk production
Build: Kembangkan project untuk Mantle Global Hackathon ($150K prize!)
Connect: Join Discord ETHJKT untuk komunitas

Ready for Hackathon?

Skill yang Anda pelajari dari challenge ini adalah fondasi untuk membangun RWA protocol. Mantle Global Hackathon 2025 memiliki prize pool $150K - gunakan pengetahuan RWA ini untuk berkompetisi! 🚀

1. Apa itu RWA?​

1.1 Definisi​

1.2 Mengapa RWA Penting?​

1.3 Bagaimana Tokenisasi Bekerja?​

1.4 Komponen Ekosistem RWA​

1.5 Jenis Aset yang Dapat Di-tokenisasi​

1.6 Market Opportunity​

1.7 Breakdown Pasar RWA (2025)​

2. Legal Framework & Structuring​

2.1 Pertanyaan Fundamental​

2.2 Model Legal Structuring​

Model 1: SPV (Special Purpose Vehicle)​

Model 2: Direct Ownership​

Model 3: Contractual Claims​

2.3 Regulatory Landscape Global​

2.4 Klasifikasi Token​

2.5 Howey Test (USA)​

3. Contoh Proyek RWA Global​

3.1 Tokenized Treasuries (Obligasi Pemerintah)​

3.2 Tokenized Real Estate​

3.3 Tokenized Commodities​

3.4 Private Credit​

3.5 Tokenized Equities​

4. Contoh RWA di Indonesia​

4.1 Inisiatif Tokenize Indonesia​

4.2 Potensi Pasar Indonesia​

4.3 Use Case Spesifik Indonesia​

Use Case 1: Tokenized SBN (Surat Berharga Negara)​

Use Case 2: Tokenized Gold (Pegadaian)​

Use Case 3: MSME Invoice Financing​

4.4 Regulasi Indonesia​

4.5 Ekosistem Crypto Indonesia​

5. Kenapa Mantle untuk RWA?​

5.1 Keunggulan Teknis Mantle​

5.2 Mengapa Mantle Ideal untuk RWA?​

5.3 Ekosistem RWA di Mantle​

5.4 Mantle vs Kompetitor untuk RWA​

6. Tokenization Standards​

6.1 Evolution of Token Standards​

6.2 ERC-3643 Deep Dive​

Arsitektur ERC-3643​

Komponen ERC-3643​

Fitur Unik ERC-3643​

6.3 ERC-3643 vs ERC-1400​

Kapan Menggunakan Masing-masing?​

6.4 Standar Lainnya​

7. Compliance Patterns​

7.1 Mengapa Compliance Penting untuk RWA?​

7.2 KYC (Know Your Customer)​

Apa itu KYC?​

KYC Levels​

KYC Flow untuk RWA​

7.3 AML (Anti-Money Laundering)​

Apa itu AML?​

AML Components​

On-chain AML Implementation​

7.4 Whitelisting​

Apa itu Whitelisting?​

Whitelist Implementation​

7.5 Transfer Restrictions​

Types of Restrictions​

7.6 Complete Compliance Flow​

8. Oracle & Off-chain Data​

8.1 Mengapa Oracle Penting untuk RWA?​

8.2 Jenis Oracle untuk RWA​

8.3 Chainlink Proof of Reserve​

8.4 Oracle Implementation Considerations​

9. DeFi x RWA Integration​

9.1 Convergence of DeFi and TradFi​

9.2 DeFi Use Cases untuk RWA​

Use Case 1: RWA sebagai Collateral​

Use Case 2: RWA Yield Aggregation​

Use Case 3: RWA-backed Stablecoin​

9.3 Challenges DeFi x RWA​

10. Contoh Proyek RWA di Hackathon​

10.1 Mantle Global Hackathon 2025​

10.2 Hedera #HelloFuture Hackathon 2024​

10.3 Chainlink Constellation Hackathon​

10.4 Ide Project untuk Hackathon​

🏆 Final Challenge: IndonesiaPropertyToken - RWA Real Estate DApp​

1. Apa itu RWA?

1.1 Definisi

1.2 Mengapa RWA Penting?

1.3 Bagaimana Tokenisasi Bekerja?

1.4 Komponen Ekosistem RWA

1.5 Jenis Aset yang Dapat Di-tokenisasi

1.6 Market Opportunity

1.7 Breakdown Pasar RWA (2025)

2. Legal Framework & Structuring

2.1 Pertanyaan Fundamental

2.2 Model Legal Structuring

Model 1: SPV (Special Purpose Vehicle)

Model 2: Direct Ownership

Model 3: Contractual Claims

2.3 Regulatory Landscape Global

2.4 Klasifikasi Token

2.5 Howey Test (USA)

3. Contoh Proyek RWA Global

3.1 Tokenized Treasuries (Obligasi Pemerintah)

3.2 Tokenized Real Estate

3.3 Tokenized Commodities

3.4 Private Credit

3.5 Tokenized Equities

4. Contoh RWA di Indonesia

4.1 Inisiatif Tokenize Indonesia

4.2 Potensi Pasar Indonesia

4.3 Use Case Spesifik Indonesia

Use Case 1: Tokenized SBN (Surat Berharga Negara)

Use Case 2: Tokenized Gold (Pegadaian)

Use Case 3: MSME Invoice Financing

4.4 Regulasi Indonesia

4.5 Ekosistem Crypto Indonesia

5. Kenapa Mantle untuk RWA?

5.1 Keunggulan Teknis Mantle

5.2 Mengapa Mantle Ideal untuk RWA?

5.3 Ekosistem RWA di Mantle

5.4 Mantle vs Kompetitor untuk RWA

6. Tokenization Standards

6.1 Evolution of Token Standards

6.2 ERC-3643 Deep Dive

Arsitektur ERC-3643

Komponen ERC-3643

Fitur Unik ERC-3643

6.3 ERC-3643 vs ERC-1400

Kapan Menggunakan Masing-masing?

6.4 Standar Lainnya

7. Compliance Patterns

7.1 Mengapa Compliance Penting untuk RWA?

7.2 KYC (Know Your Customer)

Apa itu KYC?

KYC Levels

KYC Flow untuk RWA

7.3 AML (Anti-Money Laundering)

Apa itu AML?

AML Components

On-chain AML Implementation

7.4 Whitelisting

Apa itu Whitelisting?

Whitelist Implementation

7.5 Transfer Restrictions

Types of Restrictions

7.6 Complete Compliance Flow

8. Oracle & Off-chain Data

8.1 Mengapa Oracle Penting untuk RWA?

8.2 Jenis Oracle untuk RWA

8.3 Chainlink Proof of Reserve

8.4 Oracle Implementation Considerations

9. DeFi x RWA Integration

9.1 Convergence of DeFi and TradFi

9.2 DeFi Use Cases untuk RWA

Use Case 1: RWA sebagai Collateral

Use Case 2: RWA Yield Aggregation

Use Case 3: RWA-backed Stablecoin

9.3 Challenges DeFi x RWA

10. Contoh Proyek RWA di Hackathon

10.1 Mantle Global Hackathon 2025

10.2 Hedera #HelloFuture Hackathon 2024

10.3 Chainlink Constellation Hackathon

10.4 Ide Project untuk Hackathon

🏆 Final Challenge: IndonesiaPropertyToken - RWA Real Estate DApp