It’s expected that the next wave of massive capital inflow will come from the demand for allocating global premium assets, as these assets will eventually be on-chain without the cumbersome so-called KYC and AML requirements. The primary goal of large-scale capital inflows is always to pursue high returns. The last DeFi wave provided such opportunities, and this time it’s likely to be on-chain assets like tokenized stocks driving it. So, looking back at the bull market that started in 2022, this type of demand was actually never fully met. Institutions were allocating and arbitraging off-chain, which didn’t bring prosperity to on-chain markets.