Theo's webpage is very impressive, and overall trust is still strong. The market is indeed not good now. Theo's current TVL is only over 200 million yuan. In the past, with good liquidity and expectations, it would have had at least 1 billion TVL. I think the RWA platform is different from ordinary DeFi protocols, it's more like an on chain wealth management account. What truly interests investors and concerns them is not how complex the gameplay is, but what the underlying assets are, where the returns come from, how risks are disclosed, and the safety of funds. From this perspective, I think Theo's recent two actions can be viewed together: one is the user side entrance, and the other is the backend asset. 1. The user side Buidlpad has partnered with Theo to launch an RWA earnings vault, where USDC can be directly deposited to earn basic APY+Theo points, which are likely to correspond to subsequent token incentives. It is worth mentioning that Buidlpad @ Buidlpad has always been known for its strict selection of projects. In the past, the quality of projects and the expectations for their launch were relatively strong. Since the launch of the Launchpad product, the team's new focus has clearly been on providing users with more relatively stable revenue opportunities and entry points. From this perspective, Theo's coin issuance has also brought expectations. 2. On the backend assets, Theo invested $20 million into Fidelity International's tokenized US dollar liquidity fund FILQ, bringing this traditional asset management giant with a management scale of $1 trillion into thBILL's underlying asset system. FILQ can be understood as an institutional level, on chain US dollar money market fund, issued through Sygnum Bank's tokenization platform. Chainlink provides on chain NAV and allocation data, while JPMorgan participates in daily pricing data sourcing and validation. This is a powerful institutional level combination of traditional financial assets, on chain data, custody issuance, and pricing validation. Theo @ TheoN_Network aims not to create a single stablecoin, but rather a RWA yield system built around US bonds, gold, and institutional grade yield assets. This configuration of FILQ is equivalent to adding a underlying asset endorsed by Fidelity International to thBILL, making it more like a chain level US bond yield basket rather than a single source of income. Additionally, there are three product lines, ThUSD is an interest bearing stable currency, which is mixed with gold, treasury bond and neutral strategy; ThBILL is an on chain US Treasury yield asset; ThGOLD is an on chain gold earning asset.