Since 2021, all the major opportunities for cryptocurrency positioning have stemmed from protocols that can attract external traffic and funds into the cryptocurrency space, not the other way around. Examples include DeFi portfolios on Terra, StepN, SOL, and FTX. I believe the logic remains unchanged: focusing solely on pseudo-construction through PVP is useless; expanding the overall market is the key to creating more opportunities. In this round, I remain pessimistic about non-Cex-based RWAs because RWA protocols rely on existing players to buy products from outside the crypto space, which is completely misguided. This space is full of gamblers; who would want to play with a 5% annualized fixed income? They're dreaming. Based on this logic, you can discern which of ten concepts is the true winner.