Seeing this analysis of the growth data for this round of RWA contracts, big congrats to Bitget (Data range: 2025/12/29–2026/8/31) 1. In May this year, the total trading volume in the RWA perpetual market was approximately $822 billion. 2. By the end of August this year, the cumulative total reached $3.16 trillion. 3. Binance, Hyper, OKX, and Bitget together accounted for 86%. 4. Among them, Bitget's cumulative trading volume was $238.2 billion, ranking 4th globally with a 7.5% share. Trading structure: 1. Mainly driven by stocks, accounting for over 60%. 2. The rest includes gold, silver, crude oil indices, etc. 3. Bitget offers around 300+ listed assets, with gold and silver being the main drivers. Lastly, CZ recently mentioned that stock IPOs might be tokenized in the future. If this materializes, the first to benefit will likely be these platforms with depth and user bases. For these four, this would be an additional growth engine, not just a side business. Personal conclusions: 1. The RWA perpetual market is expanding rapidly. 2. Market share is highly concentrated, making it increasingly costly for latecomers to enter. 3. Among the top four platforms, Bitget currently has broad asset coverage. Keep it up and congrats again to @Bitget_zh! By the time I took this photo, I was already drunk You really know how to drink, @xiejiayinBitget!