The market right now is basically split into two completely different paths: 1⃣ On one side, people are still playing around with: token incentives, airdrop points, pumping TVL, and creating the illusion of high APY. 2⃣ On the other side, what’s already happening is: Invesco (issuer of QQQ) taking over USTB Nearly $1B AUM + 150+ institutional funds Funds directly running on on-chain infrastructure (Superstate) To put it bluntly: one side is doing “incentive-driven wealth management,” while the other side is doing “real asset management.” Why is USTB gaining traction? It’s not because the “RWA narrative sounds good,” but because this product is simply more practical than traditional funds. Faster settlement, more transparency, more flexible distribution, higher efficiency. ✅ Plume’s reference here is essentially pointing out one thing: Wall Street isn’t just studying crypto; it’s migrating to crypto rails. The harshest reality is: Incentive-based returns can create hype, but they can’t support institutional capital. Only real returns qualify as long-term infrastructure. In one sentence: the RWA track has already split—one path is subsidy-driven TVL, the other is real capital moving on-chain. Which side you choose will pretty much determine whether you can ride the next wave of dividends.