[Multicoin: RWA Will Amplify DeFi Value Capture, Privacy and Portfolio Margining as Key Factors] According to a report by Jinse Finance on September 25, citing an article from Multicoin Capital, RWA (Real-World Assets) not only expands the scale of underlying assets but also significantly amplifies on-chain economic activity due to the need for more financial infrastructure (spot, repo, hedging, structured products) per dollar of assets. Value will be distributed along the technology stack: L1/L2 will derive sustained demand for block space through continuous financial state updates; core primitives (exchanges, lending, interest rates, options) will capture fees; the aggregation layer (DeFi-native prime brokers) will integrate collateral and execution across protocols; and the application and order flow layer will control routing. The article also emphasizes that institutional large-scale trading drives the demand for privacy, with solutions like Renegade (MPC+ZKP), Silhouette dark pools, and Zama (FHE) advancing the confidentiality of trading intentions. Portfolio margining, on the other hand, reduces margin requirements through cross-asset netting.