in this cycle, any crypto-native project that wants to survive has to pull in new capital from outside the chain and design flexible swap structures that serve real trading demand. otherwise it’s just internal rotation. no external cash flow means eventual dilution to zero. wrapping us equities, commodities, and precious metals into rwa is the obvious first step. but that’s just the starting line. the real crypto edge is composability and structural innovation. take a simple tradfi example: a range accrual product. say you bet that the us 10y yield stays between 1.5% and 4.5% over the next 5 years. in return, you earn a coupon higher than comparable treasuries. if yields spike above 5%, coupon goes to zero but principal stays intact. if yields fall below 1%, same thing. a desk at jpmorgan would decompose that into daily digital options, then hedge in swaption, cap, and floor markets. the spread between structured premium and hedge cost is their profit. investors often pay a heavy premium and embedded cost for that packaging. crypto can build its own version. imagine a perp funding rate range accrual. compared to selling puts or covered calls, the payoff curve is smoother. worst case, coupon drops to zero. principal remains. on-chain pricing can also be more transparent. we need real structural innovation. crypto’s core strength is improving capital efficiency while preserving transparency. that should remain the main theme.(Yishi)