Last night when I came back and saw the Ondo Intelligent Portfolio released by @ Ondo, I suddenly realized that this could be MileStone, RWA's entry into the 2.0 era Previously, repeatedly calling RWA was the biggest theme of this round, but now it can be considered RWA 1.0- bringing various assets onto the chain, including US bonds, stocks ETF、 Gold I would call it the era of tokenize assets, and Ondo is undoubtedly the leader of this era I didn't expect RWA 2.0 to be launched by Ondo - I would call it the era of tokenize strategies In other words, 1.0 is about putting financial assets on the chain, solving the problem of what assets we can buy 2.0 is financial services on chain, solving how we hold/manage assets Taking this Intelligent Portfolio as an example, its structure is actually not complicated: The bottom layer still consists of Ondo Stocks and ETFs that have been tokenized; On this basis, decide what to buy, how much weight each should have, and when to conduct a rebalancing according to a pre-set Portfolio Strategy. In this first batch of products, the strategies for the first three portfolios were developed by BlackRock for Ondo, who is responsible for implementing these strategies on the chain, completing the allocation of underlying assets, regularly rebalancing, and product operations. Finally, you don't need to hold more than a dozen different tokens, just a single Portfolio Token is enough. The previous process of selecting assets → setting weights → buying → continuous monitoring → rebalancing has been automatically solved by Ondo Of course, you may naturally have a question. Is buying a 1.0 era tokenized ETF like QQ or SPY different? On the surface, they do look very similar. After all, they are a basket of assets, so you don't have to worry about that But the core difference lies in the cost and method of construction. At TradFi, launching a new portfolio product requires a fund structure, license, custody, and issuance, with extremely high barriers to entry, so there are only a few "standardized" portfolios on the market. It's different on the chain. As more and more assets have been tokenized, combining a new product essentially means piecing together these Building Blocks using smart contracts: configuration, weights, and rebalancing are all written into rules for automatic execution, and every adjustment can be found on the chain. That's also why I said the imaginative space of 2.0 is behind it. The official has explicitly stated that assets such as Perps, Spot Crypto, and options will gradually be included in the future. At that time, the combination of US stocks+BTC, commodities+options overlay, which is difficult to create on TradFi, will have a foundation for implementation. Of course, the underlying portfolios currently available are still tokenized stocks and ETFs. Another point that is easily overlooked is the Portfolio Token itself, which is a token! A token can be freely transferred between wallets, exchanges, and DeFi! Looking further ahead, an entire portfolio can serve as collateral for loans, Perps margin, or even be included in another portfolio. At present, this part is still the direction, but once it runs smoothly, DeFi's building blocks will be upgraded from individual assets to a whole combination. This is the ultimate vision of "financial LEGO" that we imagined during the Defi Summer period! So looking back at Ondo's path in recent years, it's very clear: USDY addresses US dollar returns, Ondo Stocks addresses US stocks, Perps addresses leverage, and Network addresses infrastructure. For every additional asset tokenized, Intelligent Portfolios can build one more combination. The more building blocks in 1.0, the larger the house that 2.0 can build. RWA 1.0 enables us to own assets, while RWA 2.0 gives us the ability to allocate assets. In the past, this service was only available to private banks and high net worth clients, but now eligible non US investors can access it with their wallets. From 1.0 tokenized assets to 2.0 tokenized strategies, this is the way Wall Street is moving towards on chain, and it's also where RWA truly begins to become interesting. Thank you @ Ondo for supporting my research content.