With many public blockchains disappearing recently, it's increasingly clear that the focus has shifted. Two years ago, the competition was about who issued the most tokens, had the largest TVL (Total Value Limit), and the highest transaction volume. Now, it's about who can generate the most real money. I believe AI, payments, and RWA (Real Money Transaction) are the three main themes for the next phase. I've written a lot about RWA this year: US stocks on-chain, government bond funds, gold tokens—basically, it's about giving existing assets a blockchain shell. While buying and transferring are convenient, has the method of lending out the money and to whom changed? Not at all. Therefore, I'm more interested in another path: directly bringing the financing needs of real businesses onto the blockchain, such as accounts receivable, supply chain financing, and operating capital for e-commerce merchants. These things are about real cash flow and whether the money can be recovered; just telling a story isn't enough. The previously discussed @DowProtocol is a case in point: Amazon and Walmart sellers have already shipped their goods, but the platforms take 14 to 28 days to settle payments, while advertising, logistics, and the next batch of goods require daily payments. Dow directly audits sellers' actual transaction history on the platform, depositing the outstanding payments owed to them by the platform. The on-chain Vault provides the funds, and the platform directly refunds the outstanding payments; the merchants don't have direct access to this money. Currently, Vaults are available on BNB Chain's Lista and Sui's Volo, with institutional Vaults initially subscribing for $7.93 million. The amount is still small, but the money on the Web3.0 chain is finally connecting to the daily cash flow of Web2.0 merchants. Could this be one of the main trends of the future? Let's wait and see! *** This does not constitute any investment advice; it is merely a personal record and opinion. Profit and loss are at your own risk.