上链只是RWA的起点，让资产真正可交易，才是代币化的终局。

CeFi的补贴不可持续，DeFi的门槛太高，而CeDeFi正在尝试提供一个中间解。

从合成资产，到 CFD 差价合约，再到实股托管，合规、流动性与用户体验如何博弈？

合规上行、DEX爆发、离岸被挤压，Crypto交易所的终局，没有中间地带。

一条成熟的「猎杀链条」悄然成型，厂商的完善验证机制与用户的安全意识，亟需闭环。

从「能上链」到「用起来」，成为「可用于交易的活资产」，释放美股代币的流动性。

U卡离场，是本该结束的历史使命，从Crypto到TradFi，才是下一场牌局的好生意。

币安系时隔7年再次出手，从SafePal到OneKey，硬件钱包是个好生意么？

GMX and dYdX have long fallen from the "holy grail", but decentralized derivatives should still have new tickets.

It is only a matter of time before the "pure U card" is eliminated. Will the broader "card+" service be an exception in this cyclical change?

From CZ’s attention economics experiment, who will become the new engine and ecological code for BNB Chain’s breakthrough?

Freed from the dilemma of "instrumental narrative", Web3 seems to have reached the critical point of evolving into an AI Agent social operating system.

Modular toolbox + community resonance + connection to Web2, asset chain is just the starting point, and liquidity reconstruction is the end.

RWA tokenization is just the first step. RWAfi is the real answer to capturing future growth.

AI Agent is in the "2020-2021" boom cycle of DeFi Summer, and the Infra project may be the key to ambush Beta dividends.