Don't see many people talking about @ charos_network acquiring GCL New Energy at a valuation of $1 billion（ http://0451.HK ）I feel that the matter of investment subscription is quite representative, which may indicate that the "value evaluation" system of Crypto infrastructure is undergoing changes. Let me explain in detail: 1) In the past, the valuation of technology narrative projects such as high-performance L1 was often weighted by the expectations of top cryptocurrency VCs and the expectations of retail investors in the secondary market, and may ultimately receive some kind of "support" in the actual maintenance of MM's secondary market. However, this valuation logic is clearly no longer effective, and cryptocurrency VCs, exchanges, and MM have become opposing "evil actors" from the perspective of "retail investors" 。 So, the significance behind Pharos' financing from Hong Kong listed companies is not simple: On the one hand, the recognition of the Crypto project by Hong Kong listed companies at a valuation of $1 billion represents the bargaining power of excellent Crypto infrastructure projects in traditional capital markets; On the other hand, the fact that this transaction has been approved by the Hong Kong Stock Exchange also indicates that as long as it is within the regulatory framework, Hong Kong is willing to open up channels for high-quality Crypto infrastructure to connect with mainstream capital. Furthermore, upon further consideration, this unique financing model also provides a "model" for the current "capital dilemma" in the Crypto industry to break the game of internal storage. 2) Many people simply understand RWA as "asset on chain", but upon closer examination, why are so many CeFi platforms offering tokenization services on the US stock market, yet unable to wait for the long-awaited business "increment" in the cryptocurrency industry. Because the real difficulty of putting assets on the chain actually lies in the verifiability of off chain assets, which is actually a smooth pipeline connecting off chain business and on chain capital chain. As a leading enterprise deeply involved in the RWA transformation of energy revenue rights and the integration of computing and electronics, GCL's current investment in a Crypto infrastructure is definitely not just about buying a blockchain concept, but also to solve the problems of asset liquidity shortage and high data trust costs in its energy industry. At this point, Pharos' parallel processing technology and sub second level transaction confirmation perfectly fall into the trap of GCL's attempt to conduct distributed energy trading and carbon footprint tracking to find a "ledger". Only when the synchronization of power flow, data flow, and capital flow is achieved on the Pharos chain, can RWA truly step out of the "proof of concept" stage, which can be considered as a result of the two-way rush between TradFi and DeFi. The above. The current Crypto infrastructure is facing a paradox: in order to gain a larger market, it must accept stricter regulation; To maintain innovation vitality without being completely constrained by traditional financial frameworks. So, the money Pharos received is an attempt by both parties to break through this paradox: using the compliance framework of a listed company to provide a new trust endorsement for Crypto technology narrative projects. However, it cannot be concluded whether the introduction of Hong Kong listed companies as "external pricing" and its eventual landing in the market can break the cycle of "VC endorsement+airdrop expectations+secondary market takeover" in the past. However, the pricing power of Crypto infrastructure has shifted from those who accumulate trust crises on the exchange to listed entities outside the circle who are subject to compliance and policy constraints. At least this is the beginning?