The Multipli Foundation has launched. This project previously completed its MULT public sale on Coinbase's Sonar platform, with valuations of $250 million and $100 million, raising over $20 million in protocols. It has received investment from both BA and CB, participated in the Sonar public sale, and has connections within the @base ecosystem. Having come a long way with the Binance ecosystem, its listing prospects are expected to be strong. Let's keep an eye on it and see how it performs. 1. What does it do? @multiplifi is an on-chain yield aggregation protocol primarily targeting institutional clients, essentially an RWA asset management protocol. It mainly does two things: helping funds find yields and helping assets release liquidity. The core product on the yield side is xToken. Stablecoins, BTC, and other assets can participate in yield strategies through it. Users hold corresponding yield certificates and participate in hedging and arbitrage strategies. The core product on the liquidity side is rwaUSD. Qualified tokenized gold, government bonds, and other assets can be used as collateral to mint rwaUSD under corresponding risk control parameters, which is then integrated into DeFi scenarios such as lending and liquidity pools. Taking gold as an example, after tokenizing gold as collateral to mint rwaUSD, users can obtain USD liquidity without selling their gold and participate in DeFi. 2. Business Prospects: Ondo is known for its on-chain US Treasury bonds and later created ondooperp to achieve a closed-loop product ecosystem, evolving from an issuer to a platform combining issuance and trading. Multipli aims to allow these already on-chain assets to continue to be used as collateral, for borrowing, and for participating in yield strategies. Assets issued by different institutions have different custody methods and redemption rules. Multipli attempts to use rwaUSD to connect eligible assets to a unified collateral framework, moving towards a global RWA liquidity layer, resembling a next-generation RWA narrative. My understanding is that one is an asset issuer, and the other is a liquidity channel. The issuer controls the source of assets, and the liquidity platform connects funding needs. As more and more RWAs are on-chain, who will capture more value? Besides accepting assets that have already released liquidity, given the unclear DeFi scenario, the current market has already provided the answer: a closed-loop trading system is essential; the market, or casino, is where the highest profits lie. 3. Institutional Business is Key Multipli's focus is on institutional business. The protocol's main TVL contribution is the rwaUSDi product for institutions. The institutional asset managers involved in this part all need to undergo institutional identity verification, and this is separate from the yield certificates held by ordinary users. Currently disclosed strategic partners include well-known institutions such as Nomura's LaserDigital, EdgeCapital, Fasanara, and Spartan. These institutions are all very well-known in the asset management field and have very mature risk control and asset management systems. In this sense, Multipli is essentially a platform for on-chain funds. Many projects chose poor timing for their token launches. After this sharp drop, hopefully liquidity will gradually recover. Only when the profit-making effect picks up will funds and confidence gradually return.