Wall Street research firm Citrini Research released a 79-page report yesterday titled 'Breaking The Wall,' offering two investment portfolio recommendations, including 15 DeFi tokens and 9 crypto-related U.S. stocks. Citrini believes that blockchain is gradually becoming the infrastructure for issuing, trading, and settling traditional financial assets (stocks, bonds, funds, credit), capturing revenue from related activities. 1️⃣ 15 DeFi Tokens As shown in Figure 1, Citrini Research's portfolio includes 10% each in DRV, LIT, ETHFI; 9% each in AAVE, ENA; 8% in SOL; 7% each in HYPE, AERO; 5% each in ZRO, LINK, BP, SYRUP; 4% in UNI; and 3% each in PENDLE, ONDO. This covers DeFi infrastructure such as lending, stablecoins, DEX, Perp, yield management, and public chains. 2️⃣ 9 Crypto-Related U.S. Stocks As shown in Figure 2, in addition to buying tokens, Citrini also provided a portfolio of crypto-related U.S. stocks, including familiar names like CRCL, COIN, HOOD, BLSH, as well as Hyperliquid ETF and others. The investment logic is that even if a large portion of financial activities migrate on-chain in the future, the value may not be fully captured by tokens. Public companies like stablecoin issuers, exchanges, brokerages, and asset tokenization platforms will also benefit. This report focuses less on public chains like BTC and ETH and more on the practical implementation of DeFi on-chain financial services: Who is facilitating trading? Who is providing lending? Who is issuing stablecoins? Who is managing assets? Who can sustainably generate revenue from these activities? Crypto investing is becoming increasingly 'pragmatic.'