I’ve said it many times before: RWA is the most important narrative for the next bull market. Right now, the biggest representative is undoubtedly tokenized stocks. Whether it’s major CEXs or the current Robinhood Chain + Solana, they’re all going full steam ahead. But RWA has another direction too—like what Centrifuge was doing back in the day—bringing off-chain assets or financial opportunities on-chain in the form of lending, feeding returns back to the blockchain. This narrative has always been lukewarm. Partly because our infra back then wasn’t mature enough, and partly because off-chain assets are too fragmented, hard to standardize, with high due diligence costs per deal, making scaling difficult. Now, @dawninternet managed to raise $40M from several top-tier VCs, likely because they’ve identified a missing piece to complete this second narrative: AI infrastructure has introduced a standardized, replicable asset unit. By 2030, global data center investments are expected to reach nearly $7 trillion. Behind this number are countless specific projects—base station traffic offload sites, edge compute nodes, GPU clusters… all of these have contractual revenue and real cash flow. But individually, their scale is often too small to meet the thresholds of traditional project finance. Banks and traditional credit systems are naturally uninterested in “small and fragmented,” creating a structural funding gap. So, AI has brought massive demand for computing power and real-world asset construction, but many small-to-medium projects can’t access traditional financing. DAWN packages these AI-related assets with real cash flow into RWA and brings the returns on-chain. And just like that, the second leg of RWA is connected.