The 2 closest RWA implementations to reality 1. Stock listing 2. Exploration of underlying income assets They correspond to the current user profiles on the chain, respectively 1. Sensitive to price fluctuations 2. Sensitive to APR @The RWA holding structure disclosed by plumenetwork is nearly 50% private credit/institutional funds. Sky's @ grovedotfinance will also deploy $1 billion to CLOs, and the market will begin to test the waters for traditional assets other than treasury bond. From a current perspective, this is a win-win situation as on chain projects have gained richer sources of revenue, which is conducive to the expansion of their TVL/stablecoin scale. For off chain markets, traditional CLOs have limited liquidity, making it more difficult for private credit to trade on the market. By tokenizing and going on chain, they can achieve 24/7 trading on the chain and sell to global DeFi users. In terms of risk, it is actually the clich é d credit risk, which still exists. In the previous pure decentralized cycle, it was difficult for an on chain project to actively introduce centralized risk assets, which was difficult for the market to accept. However, from this cycle onwards, the boundary between Crypto and traditional finance has become increasingly blurred, and the market trend has begun to expect communication and integration between on chain and off chain assets. Nothing has changed, but times have changed.