The competition of Perp DEX may have entered the next stage. It's no longer about handling fees, leverage, and coin speed, but about starting to restructure the funds themselves. Many people don't realize what the biggest problem on the chain is now, not the lack of liquidity, but the poor quality of funds A large amount of stablecoins are lying in trading accounts daydreaming, a large amount of collateral is locked, and a large amount of funds can only choose one or the other. Either trade or earn profits. This is actually a very primitive financial structure Seeing the collaboration between @ grvt_io and @ centrifuge, I actually have a feeling that Unified Margin will become one of the biggest narratives of this round. Because the industry has finally begun to realize that what is truly valuable is not the trading interface, but how to serve multiple financial scenarios simultaneously with one balance To put it simply, everyone is still leveraging each other in the same pond and has not truly solved the problem of the underlying quality of funds And what is GRVT connected to this time? JTRSY， Behind it is real US bond yields, and it is not a wild chicken RWA. It is an institutional level asset brought in by @ centrifuge. The name Centrifuge may be unfamiliar to many retail investors, but it is well-known in the institutional community Accumulated asset distribution of 1.6 billion US dollars, JTRSY circulation scale of 1.4 billion US dollars, and also obtained Spark's tokenization allocation of 200 million US dollars. What does this represent? Representative, the true traditional capital has begun to trust the asset structure on the chain Most platforms only treat RWA as a 'wealth management product', while GRVT's goal this time is to directly embed RWA into the core of the trading system. This is not something of the same level at all, because it means that your trading account starts to have both: perpetual trading, US bond yields unified margin、 Self custody and on chain clearing capabilities It can be said that Phase One's Perp is an on chain transaction, while Phase Two's funds are no longer dormant, but continue to compound in the system As time goes on, PERP relies not on who trades faster, but on keeping your money constantly flowing. Perhaps this is the true core of on chain finance in the next stage