The SPCX IPO allocation drama has come to an end, but the story of crypto projects embracing U.S. stocks might just be getting started . It’s inevitable that U.S. stocks will 'siphon' from the crypto space, but in the current bear market, survival is the top priority. Only by staying alive can we live to see the day when the crypto story is retold in the next bull market. That’s why the expansion from cryptocurrency > gold (precious metals) > U.S. stocks (traditional assets) will likely be the choice for most projects. ▶︎ For exchanges, the bear market test is shrinking trading volumes. ▶︎ For yield protocols, the bear market test is shrinking profit margins. Yield, yield—if the underlying revenue sources are 'unprofitable,' where does your stablecoin APY even come from? Facing this reality, Unitas (@UnitasLabs) has also chosen the path of multi-asset expansion: 1️⃣ USDu / sUSDu: In the initial phase, USDu serves as a compliant USD stablecoin, while sUSDu is its yield-bearing version. 2️⃣ XGLD: Expanding into precious metals, building a delta-neutral yield product based on XAUT. 3️⃣ Equity Basis Trade: Expanding into stocks by holding stock spot positions and shorting corresponding perpetual contracts to capture funding rates in that market. Through this three-phase expansion, they aim to achieve the goal of 'no new narratives in crypto, but new sources of yield,' allowing those of you sitting on piles of cash waiting for opportunities to still earn passive income during the bear market—without any learning curve (from the user’s perspective, it’s still as simple as depositing funds, with no perception of complex yield sources). Beyond business, Unitas has another survival strategy: 'hugging the big players' . They’ve partnered with Binance Wallet for joint campaigns, received official support from BNB Chain’s Twitter, and maintained close collaboration with Aster. You could say they’ve positioned themselves as the 'yield asset layer of the BNB Chain ecosystem' (though they do have partnerships with other exchanges, just not as deep). And honestly, who can blame them? If an ecosystem has money and is willing to allocate resources, why not go for it? Even in a bull market, it’s hard to succeed solo—let alone in a bear market. So, is this strategy working? > Looking at the token price: it’s up 3.5x since launching in mid-March. > Looking at business data: TVL has grown to ~59M in a year, ranking 12th in the same sector. Not bad, but the bear market is still long. Let’s see if they can survive this trial period.