Coinbase has been working on RWA projects for the past two years, and recently mapped three projects in one go: one AI and two RWA. This no longer requires analysis: AI continues to undertake liquidity entry RWA begins to undertake 'real assets' Many people are still discussing how long AI can rise, but a more realistic issue is that the asset structure on the chain is undergoing a transition. ✅ If we combine several recent trends, this change becomes more pronounced: The explosive demand for AI computing power has superficially driven up the prices of graphics cards and memory upstream and downstream, but fundamentally it is an explosion in energy demand; Global power supply is tightening, and energy price fluctuations are intensifying; Chinese photovoltaic and energy storage orders are scheduled for two to three years; Pointing to a core variable: energy, which is returning as a fundamental pricing factor ✅ But the key issue here is not 'energy is important', but: how are energy assets priced and circulated? Under the traditional system: Power grid (monopoly settlement) Futures market (institution led) PPA (Long Term Contract Locking) The essential characteristics are: closed, low mobility, and high threshold for global participation ✅ So now a new route has emerged: moving energy assets onto the chain The assets that can be moved include: Photovoltaic power station → Revenue assets Carbon → tradable assets Distributed power → data assets This is not a concept, someone is already doing it: one ⃣ GCL brings photovoltaics to the chain (deeply tied to Pharos) two ⃣ Hong Kong is doing charging pile data on the blockchain (Langxin+Ant Chain) The essence is to transform energy cash flow assets into tradable and transferable on chain assets ✅ But the core bottleneck of RWA has never been on the chain. And off chain: ❌ Lack of asset supply side ❌ Cash flow unverifiable ❌ Lack of industry endorsement This is also the fundamental reason why most RWA projects have structure, L1, and no assets. ✅ Pharos' path cuts precisely at this point. It does not start from the performance of the chain, but from the asset side: one ⃣ By binding with industry partners such as GCL two ⃣ Directly introducing cash flow assets such as photovoltaics and electricity three ⃣ Form native TVL on the chain This point is crucial: TVL is not mined out of liquidity, but brought in by assets. Therefore, its valuation logic will also change: No: TPS/Ecological Scale But rather: asset size x cash flow quality x industrial resources let me put it another way: Most public chains are addressing on chain efficiency And what Pharos is solving is the on chain entry and pricing power of off chain assets If compared under the current new public blockchain framework (such as Monad/MegaETH): They optimized the execution layer And Pharos locks in: asset layer+settlement layer That's also why its valuation logic is more like: financial infrastructure+industry premium, rather than a simple technology public chain. This is also why the investors gave him a valuation of 1B. ✅ Summary: In the previous round, the anchor on the chain was the US dollar (stablecoin); The next round may begin to anchor real assets with cash flow