This year, crypto platforms have been riding the wave of perpetual contracts for precious metals like gold and silver since the start of the year, followed by March's crude oil futures perpetual contracts. Recently, in May and June, the trading volume of stock token perpetual contracts across platforms has been hitting new highs. RWA (Real World Assets) and asset tokenization are undoubtedly key narratives in the crypto space from 2026 to 2028, and RWA perpetuals are likely to be the most critical piece of this narrative—where TradFi and DeFi truly converge. The crypto community has already mastered the art of perpetual contracts, and now expanding the "underlying assets" to real-world assets is essentially opening a "crypto-style leveraged trading gateway" for traditional finance. Whoever can nail liquidity, compliance, and user experience will likely grab the biggest slice of the pie. Big thanks to GRVT for the invite—looking forward to chatting about this topic tonight with Feng Mi and Chen Jian!