One year has passed and RWA remains one of my most bullish crypto tracks for the long term. In the past year, although there have been many projects disguised as RWA in the RWA subdivision track, it has not stopped the global RWA asset market value from reaching a new high. There are still some serious RWA projects that have been successfully implemented in segmented tracks. @PACTFinance is one of the serious RWA inflas, and the operational logic of PACT is to put the entire life cycle of credit on chain, write loan and repayment mechanisms into the chain, and build a full chain lending and securitization infrastructure. Take it off http://rwa.xyz According to official website statistics, PACT's total loan disbursement has exceeded 1.9 billion US dollars, with an active loan scale of nearly 600 million US dollars, ranking fourth in the private credit segment and also the leading RWA agreement on @ Aptos. Unlike pure asset tokenization, the protocol responsible for tokenization serves as the packaging layer: it maps real assets off chain to the chain through tokenization, with the core being to solve the problems of ownership record and liquidity; PACT does not tokenize assets extensively, but rather finely processes the entire lifecycle of credit on the blockchain. All links from origin, servicing, securitization, and enforcement have been moved onto the chain, allowing private credit to achieve true code is law Why is "building on the entire chain" more important than "pure tokenization"? The default event that occurred at @ goldfinch_fi in earlier years is a typical negative case: Goldfinch provided a loan of $5 million to a Kenyan motorcycle financing company, and the borrower illegally lent $1.9 million to its financially troubled Ugandan parent company. It was only discovered in the past year and was ultimately fully written off. Building credit "on the entire chain" minimizes the problem of delayed discovery to the greatest extent possible. Smart contracts automatically check the creditor logic, trigger default automatically, and execute penalty interest. At present, the scale of private credit tokenization is only the tip of the iceberg of the global private credit scale, accounting for less than 1%. The tokenization of underwater assets cannot be separated from the 'serious RWA infras', which is also the value of PACT.