Undervalued European Opportunities: Why Vision VSN is Worth Paying Attention to—— This year, the RWA concept has been constantly mentioned, and the positive transmission from the US government has been one of the concepts behind the WEB3 fire, Especially when discussing RWA, the two most commonly mentioned obstacles are: One is compliance, especially in Europe where regulations are so strict that people hesitate to comply; The second is the fragmented experience, where different tokens and platforms are as troublesome as building blocks. So many people know that this is a trillion dollar narrative, but they have been slow to make progress. After seeing Vision VSN, I feel that it is a unique project, Because it was discovered that this may be the "hidden infrastructure" of Web3 in Europe, I have been preparing a research report, Coincidentally, there is a lot of holiday time, and here are some of my excavations in the past few days: one ️⃣ The 'backing' behind Vision: Bitpanda Bitpanda stands behind Vision; So I first checked some background information about Bitpanda: 1) Over 7 million users, the largest compliant trading platform in the local market; 2) Holding licenses from multiple countries such as MiCA, FCA, and VARA is equivalent to obtaining a pass for the entire European Union; 3) The partners include traditional banks such as Deutsche Bank and Raiffeisen, as well as backed by Peter Thiel Fund. This means that Vision may be a long-term layout that truly stands at the intersection of traditional finance and Web3. two ️⃣ Pain points that Vision needs to address Before Bitpanda, there were two tokens, BEST and PAN, with scattered functions and fragmented liquidity. Users had to switch between different tokens to operate different functions, making the experience particularly troublesome; The first step of Vision is to exchange these two coins in a fixed ratio for a unified one: one for another, one for another, which is equivalent to twisting the dispersed forces into a rope. This is not enough, what needs to be done is a full stack ecosystem, from wallets to public chains, from new releases to asset tokenization, all connected using VSN, Let users' one coin handle everything 'and build a full stack compliance ecosystem—— 1) Vision DeFi Wallet: Multi chain management+staking rewards+commission discounts; 2) Vision Protocol: Cross chain liquidity aggregation to solve the problem of "difficult coin transfer"; 3) Vision Launchpad: Create a new entrance and stake VSN to participate; 4) Vision Chain: Launched in 2026, Ethereum L2 designed specifically for RWA, with on chain compliance. Clearly, it can be seen that what they want to achieve is a token that connects all compliant Web3 scenarios. three ️⃣ Vision's partners: The cooperation map of Vision is also very interesting - without competing with unrelated brands, every cooperation is on the point of "compliance+landing", slowly opening the door to traditional finance and the mass market. For example—— Raiffeisen Bank: tokenize wealth management and bonds, allowing ordinary people to buy products that were previously only eligible for high net worth individuals for a few hundred euros; Chainlink CCIP: Addressing the issue of secure interoperability across chain assets; AC Milan&PSG: Use fan economy to attract Web2 users and integrate Web3 into the fan economy; four ️⃣ Token Economy—— The token model of VSN is indeed very interesting, echoing its token economy: it is not a "coin trading tool", but an ecological "hematopoietic machine" Let's first look at the supply: the initial total supply was 4.2 billion pieces, but the first quarterly destruction was completed on September 25th, burning 40 million pieces at once, worth about 5.21 million euros. The next destruction will be on December 18th. This' quarterly destruction 'mechanism means that the circulation volume will continue to decrease—— Like a cup of water, constantly evaporating, the remaining water naturally becomes more 'valuable'. And the money for destruction did not come out of thin air, it was deducted from ecological expenses: For example, the transaction fees of Wallet, Protocol, and future Chain Gas fees will be partially returned to the foundation for repurchasing VSNs and permanently destroying them, forming a cycle of "using ecological income to repay token scarcity". Looking at distribution and governance again: about 65% of VSNs are distributed to the public, without institutional priority allocation or team private hiding—— This ensures that it will not be controlled by a few people, and ordinary users can also get enough chips. More importantly, governance rights: holding VSN allows voting, such as deciding how much to destroy in the next quarter, how to distribute staking rewards, and whether to introduce new ecological projects. The core logic of Web3 is that users really participate in decision-making, rather than "the project party the final say". Current circulation situation: The circulation is 3.49 billion tokens, but after deducting the 2.524 billion tokens locked by staking, only 1.48 billion tokens are effectively in circulation -60.3% of the tokens have been staked, and the redemption period is 14 days. This is mainly due to the project's staking flywheel: staking → obtaining rewards/new qualifications → platform revenue repurchase → increasing scarcity → more people staking. Currently, over 60% of VSNs are pledged and locked, indicating that most people are making long-term bets rather than short-term games. five ️⃣ Conclusion—— The new development track in the past few months has proven that the primary market is often easier to capture "deterministic money" than the secondary market, and the key lies in project quality and the support of the underlying ecosystem. The uniqueness of Vision lies not in whether it can bring a wave of dividends, but in using Bitpanda's license and full stack ecosystem to build a compliant Web3 backbone in Europe: gradually polishing long-term challenges such as compliance, user base, and asset tokenization into a complete path. The world is racing on the RWA track, with projects in the United States and Asia often hindered by regulatory uncertainty, while Europe, due to its clear rules, may become the most stable landing scenario. Vision is building the main road here, connecting traditional finance with Web3. Hotspots will recede, but infrastructure will remain. And VSN is the pass for this main road.