True democratization won't happen overnight; it requires the coordinated development of multiple aspects, including technological advancement, institutional improvement, regulatory clarity, and user education. Only when we balance ideals with reality, innovation with compliance, and speed with sustainability can the crypto world truly open its doors to everyone. This is not only an inevitable trend in technological development but also the path to realizing the original vision of blockchain technology.

全球数万亿美元的传统资产长期停留在中心化体系或冷钱包中，流动性低、可编程性弱，而代币化不仅能释放流动性，还能将智能合约与DeFi机制引入传统资产市场。然而，从潜力到落地，RWA的发展一直受限于制度、法律及技术壁垒。

但从技术发展的客观规律来看，复杂性的逐步隐藏和入口的持续简化是不可逆转的趋势，Web 3的"无感化时代"可能比我们预期的更快到来。

In short, the DeFi craze brings more than just price fluctuations; it also provides a window for observing, understanding, and exploring promising projects. Rational investors should remain calm amidst the craze and focus on track trends and the core value of projects.

From a macro perspective, this round of treasury allocation marks the intersection of three important trends: the maturity of the regulatory environment - companies dare to disclose their crypto asset holdings in public documents, indicating that a compliance framework is being established; the concretization of application scenarios - no longer an abstract "blockchain revolution", but quantifiable business needs such as AI training, DeFi returns, and cross-border payments; the institutionalization of capital structure - from retail investor dominance to corporate participation, which means longer holding periods and more rational pricing mechanisms.

而从长远来看，RWA的真正价值，不仅在于资产上链本身，更在于它如何重构链上资本市场的可组合性、流动性和全球互联能力。

归根结底，注意力一直值钱，收藏品一直有价值，IP一直能变现，Solana上的这些创新项目只是让它们变得"更流动、更可编程、更具金融属性"。

稳定币正是在这样的环境中成长为最受关注的资产类别之一——它们承担着结算、支付、储值等基础功能，是DeFi的血液，

BTCfi与RWB的结合，实际上代表了两条逻辑的互补：前者强调市场化效率，通过金融工程唤醒沉睡的比特币流动性，让其能够在抵押、借贷、收益分配等环节中发挥资本效能；后者强调制度化嵌入，为比特币进入主流金融打开合规入口，确保其信用基础能够被监管、机构和现实经济所接纳。

当132个国家的21340个人同时对一个项目说"yes"的时候，这已经不仅仅是投资了——这是一场关于比特币未来的全球公投。

From the above introduction to the core concepts of each stablecoin public chain, it's clear that Ethena's Converge differs significantly from the other three. Plasma, Stable, and Arc all define themselves as payment infrastructure, focusing on making stablecoin transfers simpler and cheaper. Essentially, they're transforming the traditional payment experience with blockchain technology. Converge, on the other hand, explicitly positions itself as a DeFi innovation platform, which aligns with Ethena's core principles. Unlike traditional stablecoins like USDC and USDT, which are backed by cash and government bonds, USDe maintains price stability through a delta-neutral strategy. This innovative mechanism makes Converge a natural fit for users deeply involved in DeFi or interested in on-chain financial innovation.

Real-World Bitcoin aims to transform these idle Bitcoins into productive financial instruments. Real-World Bitcoin is one of the core innovations in the real-world Bitcoin space, transforming BTC from passive holdings into working capital that can be used for lending, liquidity provision, and collateralization.

然而高性能只是基础条件，真正决定一条公链生命力的是链上资产的活跃程度。这里就暴露出一个关键问题：BTC作为市值最大的数字资产，在高性能链上却长期处于"沉睡"状态。无论是Solana上的cbBTC，还是其他链上的封装BTC，大多只能作为交易媒介或基础抵押品，无法直接产生收益或参与复杂策略。流动性分散、使用效率低下，就像让一台法拉利只用来代步一样浪费。

Improved capital efficiency is another key advantage of the multi-asset trading model. Traditionally, trading different asset classes requires opening accounts on multiple platforms, locking up funds in a fragmented manner. However, the synthetic asset model allows users to leverage multiple assets using the same collateral, significantly improving capital utilization. Liquidity providers also benefit from a more diversified income stream from trading fees.

全球内容平台接入是IP Layer扩张的另一关键维度。音乐、影视、教育和科研平台可通过统一的链上API与智能合约接入IP Layer，实现跨平台授权、收益结算和数据调用，这种互操作性不仅降低了平台整合成本，也提升了创作者收益的透明度和可持续性。