Pharos is another heavyweight RWA project, and this time the mainnet is about to go live. RWA is currently the only narrative that can break the circle of encryption narratives. I will pay attention to and track almost every good RWA, especially yesterday Pharos completed a $44 million Series A financing with the participation of Chainlink (a leading oracle) and Flow Traders (market makers) Pharos has partnered with OKX to offer a pre deposit activity with an annualized return of 16% When many people see "annualized 16%" and "14%", their first reaction is that there is a problem, so I will break down this activity It's not a strategy pool, it's an RWA Vault (Real Asset Vault), which is not the same as the Defi gameplay of LP farming and nesting mining in the past. Instead, it packages real-world assets and throws them onto the chain for you to earn interest Why are the returns so high in this market? Many people are staring at: ETH 16% in the first 10 days, followed by 14%, thinking it's ridiculous. The first part is about drainage subsidies (used for grabbing people), and there will definitely be activity subsidies to warm up when the main website is online. The second part is about the underlying asset returns. Pull a new logic with the exchange Where did the money go when we deposited it? We must figure this out, otherwise you will always be just gambling, divided into two major parts 1 is 30%: old assets serve as a "safety cushion", such as JTRSY from Centrifuge. You can understand this as the high rated, low-risk bottom position in traditional finance, whose core function is to provide a bottom line and stabilize returns 2 is 70%: Consumer credit, the more profitable part, is not the kind of high interest loan you understand, it is compliant. Seeing someone say, 'Is it Southeast Asian lending?', it can be understood this way, but it's different from what everyone thinks. It's not a wild road. Wherever there is compliance and good returns, go there And the screening criteria are very strict: the country needs to grow quickly and steadily, the institution needs to hold a license for more than 10 years, and it needs to be profitable and have risk control Behind it is a complete set of Wall Street level risk controls, far cleaner than 99% of on chain projects in our cryptocurrency industry, because traditional financial businesses have developed for hundreds of years and are highly mature From Pharos and other RWA projects, it is clear that the biggest change in the cryptocurrency industry in recent years is not technology, but the migration of money from "virtual gains" to "real cash flow". This type of RWA Vault is the first experimental field, and the ones that will make money in the future are not the most storytelling agreements, but the ones that can receive the most real-world cash flow By the way, I heard that Pharos is likely to have airdrops, so it's not a disadvantage to participate