The projects within the circle are quite clearly divided. Some chains rely on Meme hype to boost their presence, completely exhausting their future potential; others are stubbornly pursuing regulation, trying to carve out a niche in the cracks of traditional finance.

Speaking of RWA (Real World Assets), many people have a shallow understanding, thinking it's just issuing a Token. But for institutional funds, an RWA solution without compliance, privacy, and settlement protections is ultimately a house of cards. Why? Because large-scale capital entering the market cannot bypass the dilemma of KYC/AML and transaction privacy—these seemingly contradictory needs require underlying technology to reconcile.

This is also why some projects are reliable. For example, DuskTrade has already established deep cooperation with NPEX, a securities exchange regulated by the Netherlands/EU, and is now pushing over €300 million in equity and bond assets onto the chain. The underlying Citadel protocol achieves "KYC under privacy protection"—financial institutions can meet audit requirements without exposing transaction details.

When top-tier exchanges start fully implementing compliant assets, the entire market logic will shift from speculating on expectations to focusing on infrastructure. By then, those who have prepared regulatory interfaces and mastered reliable settlement layers will be the true winners.