A Web3 developer friend told me, 'The most painful thing about making DeFi protocols now is multi chain compatibility.'. Each chain has its own lending protocol and data structure, do you want to unify risk control? More difficult than building a rocket. ” The siege lion understands his helplessness. That's why @ 0xSoulProtocol wants to create a 'lending operating system'. It does not compete for users, but connects protocols such as Aave, Compound, Venus, etc. in a cross chain clearing framework. For developers, one interface handles multi chain liquidity; For users, one account can handle full chain lending. This is not a bridge, it is a new credit layer. Here are my latest observations on @ 0xSoulProtocol: Recently, Soul Labs released its first Protocol Update 1, which synchronizes current work, challenges, and plans to the community on a quarterly basis. The team is increasing transparency and leaving themselves room for retrospective adjustments. 2/In this round, the most noteworthy thing is that the team is still emphasizing the stability and security of the cross chain message layer and unified clearing layer - that is to say, the main online network is not yet formal, but a closed loop mechanism. 3/It is worth noting that Soul's testnet has attracted 235000 users, 107000 unique wallets, and over a million transactions - which means its early popularity is good, but the conversion of traffic to mainnet usage still depends on the stability of the experience. In addition, Soul's Public Sale has successfully raised approximately $6M to advance cross chain lending, identity systems (SBT/Soulbound Tokens), and mainnet deployment. It can be seen that capital has some confidence in its vision. In the interview with X Spaces, the team repeatedly emphasized a key structure: loan agreements are not replaced, but connected. The assets you mortgage on Aave can be used as collateral to borrow from BSC/Venus and other places without the need to move the assets across chains. The core design in between is a combination of "signal cross chain+local assets+unified clearing": Assets do not cross chains → reduce bridge risk Status, position, and health are synchronized through the message layer The clearing action is processed uniformly in the Soul layer and not dispersed to each chain 7/The viewpoint of the siege lion: The ambition of this design is not small, aiming to fundamentally dismantle the problem of "cross chain lending=fragmentation". If implemented, it may become the infrastructure for future DeFi lending, rather than just another protocol. But the risk points are also obvious: cross chain message delay, replay/failure, price source asynchrony, inter chain delay arbitrage... These may all become the "gray rhino" during clearing. The performance of the main network after its launch is the most rigorous test of the team's ability. 8/I suggest that everyone focus on these KPIs in the coming weeks: Cross chain message success rate and latency (especially in extreme network congestion scenarios) Time from liquidation trigger to completion/cross chain discount Number of underlying lending protocols/chains already connected Can the repurchase/agreement fee distribution mechanism of SO token be realized Finally, the siege lion would like to say: One of the killer categories of DeFi in the era of multi chain is "boundaryless lending", not just a simple cross chain bridge. The vision and path of Soul Protocol seem to be taking steps in this direction. The next few months may be a watershed for it to 'realize its value' or 'face reality'.