Recently, many projects with strong backgrounds and significant financing have had very low market value after coin issuance, such as Sentient, Zama, and Aztec, which are no exception. For example, Rayls @ RaylsLabs built by Parfin @ parfin_io can also be considered one. The RLS token has landed on mainstream platforms such as Binance Alpha+contract, Coinbase, Kraken, Bybit, Bitfinex, etc. In theory, projects of this level should not be too bad, but the FDV is surprisingly less than 70 million and the circulating market value is less than 10 million. Messari Messi @ MessariCrypto This report is quite comprehensive: https://(messari. io)/report/wayls infrastructure connectivity trade and development 1. Rayls is an L1, a privacy and compliance channel for institutions to bring assets to the public chain under the premise of confidentiality, using DeFi's liquidity and product capabilities. The core goal is to simultaneously meet privacy, compliance, and on chain settlement, focusing on RWA asset tokenization. 2. Obtain Tether investment The team behind Rayls is Parfin, with a cumulative financing of $32 million for the project. The funding list is filled with institutions such as Framework and ParaFi, and even traditional financial veterans like Accenture have invested. In addition, they received strategic investment from Tether within two months. The official announcement is very straightforward: promote institutional adoption in Latin America and bring its stablecoins into institutional settlement and asset tokenization scenarios. My understanding is that Tether not only wants to increase retail investment in the future, but also wants to focus on institutional adoption and settlement. After all, on the exchange side, they are already the largest market share. To truly achieve incremental growth, it relies not only on listing on the exchange, but also on entering the settlement chain of institutions, which requires compliance and auditability, protection of commercial privacy, and the ability to carry large capital flows. Opening Tether's investment portfolio, many of the projects invested in are aimed at building roads ahead of time for future institutional settlement networks, and Rayls' hybrid architecture is likely to be one of the tracks it wants. As long as this path runs smoothly, Tether's strategy will be upgraded to a global institutional settlement layer, and its stablecoins will be more like the default USD interface in the financial system. 3. Rayls also adopts a privacy framework The two most difficult things for institutional blockchain are privacy and compliance. Rayls provides targeted service solutions using a model similar to front store and back factory: Back factory (private domain): Banks tokenize and internally circulate accounts receivable, private loans, and deposits in their own private nodes without data leakage. Front store (public domain): Push institutional products onto public chains and let DeFi take over, combine, and produce products. Enygma security check: Covering sensitive information but undergoing auditing, with built-in privacy and compliance features. This is equivalent to a new asset and profit opportunity. DeFi users can participate in the portion of institutional cash flow that used to only circulate within the bank wall through on chain products. Previously, banks and other financial institutions either did not want to go live on the blockchain or dared not run naked. Rayls attempted to provide a path that institutions could accept, by moving assets and settlements to the blockchain without disclosing trade secrets, and then distributing interest that was originally only within and between institutions to DeFi users. My personal opinion is that infrastructure like Rayls is not sexy at present, and it is normal to be underestimated. As an institutional chain that focuses on compliance concepts, the key is to see the real settlement and asset flow of the institution, whether it can continue to be on the chain and accumulate on a large scale. If the main online network can really drive institutional funds in Q1 2026, then the current valuation will begin to be revised by the market. TradFi on chain is a major trend, and we also believe that Tether will not throw money around. Behind this is such a powerful financial resource, there is a demand for resource release in the track, but the valuation is on the ground. All parties are losing money and it will not end like this. I think the timing of coin issuance has almost become the key to the success or failure of projects in the past few years. When liquidity is poor, hard money is used, just like selling popsicles in winter and selling torches in rainstorm days. Many times, it is not the project that has no narrative, but the market that has no money to listen to stories. The market has entered a more realistic stage. When the project party issues money is often more important than what the narrative is. I have been thinking lately: besides timing, why did the valuation fall so sharply? If everyone can only get this kind of valuation, it's not just us on the chain who are slacking off, but also the project team itself, team members, and investors who will feel extremely uncomfortable. Another issue is that the valuation of the project is very low after the coin is issued. What kind of projects will the project team do in the future, and what kind of projects will do practical things in the long run and have the possibility of being discovered in value in the future. Choose the type of project with a higher ceiling.