Going on-chain is only the starting point of RWA; making assets truly tradable is the ultimate goal of tokenization.

CeFi的补贴不可持续，DeFi的门槛太高，而CeDeFi正在尝试提供一个中间解。

从合成资产，到 CFD 差价合约，再到实股托管，合规、流动性与用户体验如何博弈？

Compliance is on the rise, DEX is exploding, and offshore is being squeezed. There is no middle ground in the final outcome of Crypto exchanges.

一条成熟的「猎杀链条」悄然成型，厂商的完善验证机制与用户的安全意识，亟需闭环。

From "being able to be put on the chain" to "being used", it becomes a "live asset that can be used for trading", releasing the liquidity of US stock tokens.

The departure of U Card is a historical mission that should have ended. From Crypto to TradFi, it is a good business for the next game.

Binance makes another move after 7 years. From SafePal to OneKey, is hardware wallet a good business?

GMX and dYdX have long fallen from the "holy grail", but decentralized derivatives should still have new tickets.

It is only a matter of time before the "pure U card" is eliminated. Will the broader "card+" service be an exception in this cyclical change?

From CZ’s attention economics experiment, who will become the new engine and ecological code for BNB Chain’s breakthrough?

Freed from the dilemma of "instrumental narrative", Web3 seems to have reached the critical point of evolving into an AI Agent social operating system.

Modular toolbox + community resonance + connection to Web2, asset chain is just the starting point, and liquidity reconstruction is the end.

RWA tokenization is just the first step. RWAfi is the real answer to capturing future growth.

AI Agent is in the "2020-2021" boom cycle of DeFi Summer, and the Infra project may be the key to ambush Beta dividends.