Paimon @ Paimon_finance has reached a TVL of $10 million and is currently undergoing a new update for SpaceX: Paimon belongs to the extremely low-key category of projects in YZiLabs investment, with a low profile that feels a bit transparent. The 10 million TVL also looks very low, but in fact, the more projects continue to be built and remain low-key in the bear market, the more I think we should pay attention to them. I have been paying attention recently mainly because they are currently conducting the most popular new product launch for SpaceX in the US stock market. Paimon has a new quota of 200000 yuan, but SpaceX's valuation is 1.7 trillion yuan. To be honest, this value is too scary. Paimon has 4 levels, with a minimum discount of 60%, and the more points, the greater the discount. No matter how big or small, I suggest everyone pay attention! Let me first explain @ Paimon_finance to everyone On one end, he has a stable position similar to Paimon Prime: the official focus is on institutional level private credit, with a target return of about 7%. He has daily liquidity and does not rely on token inflation to build APY. Most TVL funds generate returns from this; On the other end, there is Pre IPO asset exposure: names like SpaceX, Anthropic, OpenAI, etc. essentially aim to integrate opportunities that used to only belong to high net worth and home run circles onto the blockchain. This is similar to taking cash flow from a bottom warehouse, high growth from a satellite warehouse, and less fuss in the middle. What Paimon wants to talk about is this set of things, which can be understood as his attempt to create a prototype of a 'private bank on chain'. Because RWA has been around for a year and a half, but in the future, what really matters is not just about putting assets on the chain, but who can simultaneously handle the most troublesome things such as asset sources, legal structure, auditing, liquidity, and compliance boundaries. Polymarket is more like an on chain casino, and Paimon wants to do it as an on chain private bank. Currently, at least in terms of direction, I think it is much more advanced than simply creating a narrative coin.