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。

The report proposes a highly insightful concept: the IP Layer, or "a new foundational layer for intellectual property." Its core vision is to make IP a native digital asset that can be registered, tracked, and transferred on-chain, naturally possessing ownership and transfer capabilities similar to Bitcoin or Ethereum.

RWAfi概念的本质是用区块链技术重新组织现实世界的价值流转，如果成功实现，将可能带来资产流动性的根本性改善。但这个愿景的实现，需要技术创新、政策支持和市场教育的协同推进。

In contrast, Bitcoin's on-chain capital efficiency remains in its early stages. While it remains at the heart of the crypto world—with a roughly 60% market share, a market capitalization of approximately $2.4 trillion, and the world's most stable consensus network—on-chain, BTC is often viewed more as "digital gold": a safe store of value, but lacking composability, profitability, and multi-chain liquidity. Most BTC holders either hold onto their assets for the long term or rely on centralized platforms for limited interest, missing out on the vibrant on-chain financial landscape.

一个做“稳定收益 + 简单策略”；一个做“底层交易 + 托管优化”。目标不同，最终都想在CeDeFi的资金拼图中抢占更大的 TVL。

At a time when the benefits of liquidity mining are fading, "how the chain can create real demand for itself" has become a key proposition that determines the life and death of a project, and the answer given by Berachain is: let the main currency become the first beneficiary of ecological prosperity.

To sum it up in one sentence: the platform earns a lot of money, but the users have become “runner-up tools”.

In DeFi, once you authorize a contract to manage your assets, it may permanently control the entire balance in your wallet. For newbies who lack knowledge, simply clicking on "authorize all assets" may be the beginning of a "one-click liquidation."

Decentralized confidential computing (DeCC) represents a fundamental shift in the way sensitive data is handled in decentralized systems.