The tokenization of real assets has gone from a concept to a trend that is currently being implemented, especially in the Perp DEX track where everyone is rushing forward. In the high-performance decentralized Perp DEX, we have selected two representatives, Lighter and GRVT, to take a look at how they entered the RWA field and how they differentiate themselves. Let's talk about the commonalities first. Lighter and GRVT are both high-performance (millisecond level/low latency) Perp DEX players - this is almost the entry threshold, there is no ultimate performance, and the user experience is very poor, basically unable to play. At present, the market is not so sensitive to "how much decentralization", and people are more concerned about whether it is easy to use in practice. In addition to high performance, both have one thing in common: they use ZK technology to achieve verifiable execution. But in addition, they quickly found their own path, each capturing their core user group and having their own basic disk. Overall, there are significant differences between the two sides in terms of positioning, architecture, cost, and RWA strategy. Lighter is more focused on zero fees, high-frequency professional trading, and Ethereum native security; GRVT emphasizes privacy protection, revenue composability, and a hybrid institutional/compliance approach. Today we will mainly talk about the RWA part, let's put aside the rest for now. A brief comparison of RWA coverage and product form between the two parties: Lighter has currently deployed many Perps in the fields of stocks, commodities, and foreign exchange, including popular US stocks such as NVDA and TSLA, as well as commodities such as gold, crude oil, and silver. It actively promotes liquidity, such as a weekly Maker incentive of $250000, combined with an RFQ system to improve the execution experience under thin liquidity. GRVT has a wide coverage, covering 11 industries and 8 markets. In addition to the US stock Mag7 (AAPL, NVDA, TSLA, etc.) and the entire semiconductor chain (TSM, AMD, etc.), it also includes AI/software, encryption related stocks, and even newly listed Korean stocks (Samsung, Samsung, etc.); SK Hynix、 Hercules; Hyundai、 Modern), as well as Pre IPO, commodities, and ETFs. This is friendly to Asian users. Lighter focuses on liquidity incentives and execution optimization, while GRVT's impressive feature is the deep integration of Perps+Yield Vault. It has partnered with Plume to launch a tokenized RWA income fund, coupled with a unified balance design: the same amount of money can be used to play RWA Perps and earn income directly. In the future, vault tokens can also serve as collateral, forming a true closed loop. Specifically, when dealing with real assets such as GRVT playing in US stocks, funds can also generate returns simultaneously. At present, this mainly relies on cooperation with Plume to provide institutional level RWA allocation benefits. Users can directly invest from their unified balance into three types of funds - low-risk conservative, medium risk balanced (such as anchoring institutional assets like BlackRock), and high-risk opportunity based, depending on their preferences. Overall, Lighter is more suitable for users who enjoy high-frequency trading, pursue ultimate execution, and zero fee experience. It has a wide asset coverage and has many fans in the Ethereum ecosystem; GRVT has more advantages in the Asian market and income portfolio, and its core innovation is "one dollar for multiple uses" - through unified balance+strategy vault+tokenized RWA, users can trade RWA with leverage, while the underlying funds can also stabilize real estate vitality or stable returns, similar to the feeling of a "one-stop wealth platform".