Recently rewatched Velvet, and I think the market might be underestimating its foundational positioning. velvet:native A lot of people mention @Velvet_Capital + 'crypto trading app,' but if you only see it at this surface level, you might overlook its potential ceiling. Because deep down, Velvet is actually a full-fledged on-chain asset management infrastructure. Simply put, it’s not just about enabling retail investors to trade assets—it’s also trying to serve those who truly manage funds. On Velvet, fund managers can create their own on-chain vaults, packaging various assets and strategies into tokenized funds, portfolios, yield strategies, or even structured products. And this model is already quite close to traditional asset management: Managers can set management fees, performance fees, subscription fees, and redemption fees. Quant teams can also use APIs to directly connect algorithmic strategies to vaults, executing them automatically on-chain. It’s essentially breaking down the traditional process of 'product creation, fundraising, portfolio management, and fee collection' into non-custodial, composable on-chain modules. I think this layer is really important. Retail trading brings traffic, but asset management is what drives capital retention. Retail investors might come today and leave tomorrow, but if the platform attracts more fund managers, DAOs, quant teams, and structured products, the capital has a chance to stay in the vaults long-term, eventually accumulating into AUM and TVL. This would also make Velvet’s revenue less reliant on trading fees. Managers earn management and performance fees, while the platform takes a cut from some of those fees. As vault sizes grow, this revenue stream could gradually become independent. So the real question worth watching for Velvet isn’t just 'how many people are using it to trade,' but rather: How many fund managers are willing to launch products on it? How much real capital is entering the vaults? Are professional teams using it long-term to manage assets? If these metrics start to take off, its positioning could evolve from 'a trading tool' to 'an on-chain asset management platform,' and eventually to 'an on-chain asset management operating system.' Of course, this path won’t be particularly fast. The asset management industry relies heavily on trust and historical performance. Building a manager ecosystem, AUM, and product diversity will take time. Risks like smart contract vulnerabilities, strategy failures, and liquidation also exist. Additionally, directions like RWA, derivatives, and perpetuals are still mostly on the roadmap, so future plans shouldn’t be mistaken for current implementation. That’s why I prefer to think of this layer as Velvet’s second growth curve. It might not immediately reflect in price or user data in the short term, but if vault numbers, AUM, professional managers, and new asset types continue to grow in the future, this layer could be the most valuable part of Velvet to track long-term. DeFAI BNBChain RWA @Velvet_Capital @EchoHunt_ai @xhunt_ai