Recently, I researched a project on a structured product on the chain and found that it is very different from perpetual contracts. Perpetual contracts solve the problem of whether to go long/short now, And structured products solve the problem of 'what risk return form does this money exist in' The former is a trading category, while the latter is a configuration category. The former has been made mainstream on the chain, while the latter is almost blank, which belongs to category judgment. Nowadays, in the market, whether it is leverage, capital fees, depth, or matchmaking, they have all reached their limit. Currently, the top venues can achieve nearly one billion US dollars in annual transaction fee income, and their market share is highly concentrated. However, on the chain, it is still like a plate of sand that disappears with just one blow Let's take traditional finance as an example first. In traditional finance, the same batch of underlying products will be made into completely different products. To stabilize cash flow, buy fixed interest bills; to break even, buy structured deposits; to enhance returns, buy reserves; and to increase flexibility, buy leveraged notes. Looking at the global ETF size of $23.1 trillion, the United States has issued $222 billion in structured notes in 2025 alone, with a total RWA on the chain of approximately $41.9 billion, equivalent to 0.2% of global ETFs. Among the $300 billion stablecoins, approximately $64 billion are truly idle in wallets. There are actually 4 layers on the chain now, and each layer has its own advantages: Asset layer: Ondo, xStocks, bStocks, tokenized stocks worth approximately $2.7 billion Institutional settlement layer: Morgan Stanley deposit token already exists on Canton Open distribution layer: Centrifuge is approximately $1.6 billion and is almost the only platform that can accept third-party distribution Strategic item layer: Ethena, Maple, Midas, Upshift, Maple is approximately $2.5 billion There are only these four layers of the project, which turn any asset or strategy into a standardized product with net asset value, subscription, redemption, and risk constraints. Traditional finance refers to this layer as issuance and operation, but almost no one is doing it on the web3 chain now. And @ cityrotocolHQ is currently working on structured products, City Protocol is the issuance and operation layer of on chain structured products, Venzo is the flagship entrance: stablecoin subscription, holding named manager run strategy, redeeming based on net value, it's that simple. It's not a bank, card, or payment application. At present, this project has raised a total of 11 million US dollars in financing, as can be seen from the account Dragonfly、Jump Crypto、Stratified Capital Bitscale Capital、Adaverse、Mirana、CMT Digital I have served in the asset allocation of family offices, including Rothschild, and the managers were not personally appointed by the project team, but by professional institutions such as Liquid Alpha, JPEG Trading, and Affinity. The distribution of his product only began in April 2026. As of September 1, 2026, the TVL of Venzo platform is about 40 million US dollars, and 3-4 of them have already been launched in the vault. The expected net income will change. Let me briefly talk about one or two of them Delta-Neutral Prime USD， Manager Liquid Alpha. As of September 1st, the expected net APR is 14.13%, and TVL is approximately $1.86 million, to be redeemed on the 7th. Funds were split into three market neutral sleeves (Delta Neutral LT, LLP Maximize, Yield Basis ETH), eating from fund rates, futures spot spreads, market making fees, and reserve returns, with net directional exposure close to zero. USDC subscription, Arbitrum / Ethereum。 The product layer has audited 0x Macro, Pashov, and Spearbit. JPEG Fixed-Rate Credit， Manager JPEG Trading. As of September 1st, approximately 11.80%, TVL is approximately $11.35 million, redeemed on September 30th. The food is institutional credit term spread, collateral segregation management, and approximately 145% collateral verification displayed on the Accountable side. Compare the readily available US dollar returns on the chain: around April 2026, Aave USDC is approximately 2.61%, USDT is approximately 1.84%, and brokerage cash accounts are approximately 3.14%. The expensive nature of structured products is not in numbers, but in writing product terms that state 'who is in charge, what profit margin is earned, and how long it will take to come out'. Simply go to the official website of @ CityProtocolHQ and click on the homepage to participate. After entering the vault, check the admission, share tokens, redemption window, and documents. Perpetual users are traders, with a time scale of minutes to days. The users of structured products are allocators, and the time scale is from week to season. These two types of people are not on the same table in traditional finance. Pension funds require cash flow, savings require capital constraints, high net worth requires enhanced returns, and trading platforms require convexity. In the past five years, the chain has almost only served the last type. The result is that the scale of stablecoins is on the rise (Citigroup's benchmark scenario is 1.6 trillion yuan in 2030, optimistic 3.7 trillion yuan, Standard Chartered has given a caliber of 30 trillion yuan to the monetization market in the 2034 era, but the place to idle US dollars is still to lend them to Aave or run Basis on their own. The institutional money market fund line of BlackRock/JPMorgan Kinexys, announced in August 2026, had already reached 13 markets and reached the level of $311 billion. The direction is clear, and institutions want shares, net worth, and redemption applications. Furthermore, City Protocol is betting that the same path will also be taken on the chain, starting with standardized trading contracts such as perpetual, and then standardized allocation contracts such as ETF/ETP/notes. The TGE of CT is expected to be in the third or fourth quarter of 2026. The window that can be participated in before TGE is Polis Points Season 2, from September 1st to September 30th, with a maximum bonus of 3x. It will be reset on September 1st, and the first batch deposited will receive the highest grade. The loyalty bonus will be 1x to 3x, and the longer the holding time, the higher the grade. Whether the category is established or not depends not on points, but on whether someone continues to use stablecoins, subscribe, generate revenue, and redeem products, rather than betting on the next tick themselves. The above does not constitute investment advice!