Brothers, recently checked out @DowProtocol's latest funding round—$9 million Seed. Investors include Animoca Brands, MH Ventures, Arcane Group, Maple_Bloc, and traditional funds from Singapore and Australia. What I find interesting about Dow isn’t just another RWA story, but how they’re tackling one of the biggest pain points for e-commerce merchants: cash flow. For merchants on Amazon, eBay, Walmart, selling products doesn’t mean the money hits their account immediately. Platforms usually take 14-28 days to settle payments, but ad costs, warehousing, logistics, and purchasing the next batch of inventory all require daily expenses. At this point, merchants don’t need storytelling—they need faster, more flexible working capital. What Dow Protocol does is turn these e-commerce receivables and business credit into on-chain assets, allowing on-chain funds to serve real e-commerce cash flow. To put it simply, users aren’t buying some incomprehensible fund shares—they’re buying something closer to real merchant debt. Dow’s risk control is solid too. Dow’s underlying system can integrate native data from e-commerce platforms, like orders, refund rates, ad spend, inventory turnover, and other metrics. Combined with an automated repayment mechanism, it makes the funding chain much clearer. The bad debt rate for receivables financing is about 0.05%, and multiple top 20 global banks are paying to use the same automated repayment and native data risk control system. This is why I think Dow is more like PayFi infrastructure rather than just another lending project. While many RWA projects are still talking about asset tokenization, Dow is talking about commercial cash flow tokenization. Merchants want faster payouts, investors want clear underlying assets, and stablecoins handle cross-border settlements. If this chain can run smoothly, Working Capital might become one of the first large-scale real-world use cases to land in the RWA space.