Last time during the AMA with GRVT @grvt_io, we also touched on this topic: whether there’s a truly user-friendly gateway for on-chain capital might become a critical issue in the next phase. Especially now, with BTC in a downtrend and most people holding primarily stablecoins, a decent yield can still be pretty appealing. Institutional assets are indeed moving on-chain now. Names like BlackRock, Franklin Templeton, and Apollo have already appeared; there’s also a large amount of stablecoins sitting idle on-chain. But what’s missing is a foundational layer that can integrate 'yield, trust, liquidity, and composability' into a single account. If DeFi in the past was more about hunting for pools, chasing yields, and taking on various contract risks, what GRVT aims to build is more like an on-chain wealth management gateway: assets can generate yield, simply holding them there earns returns, they can also serve as collateral while still earning yield, and liquidity for withdrawal is maintained. Just as the CEO put it: composability + liquidity + institutional-grade assets as the core moat. This direction is super interesting, but RWA isn’t just about APY—it’s also about the underlying assets, custody structure, liquidity, and risk disclosure. So I see this as a new direction worth keeping an eye on, rather than simply labeling it as a 'high-yield product.'