Last week, I heard a person from an old traditional investment bank in the group say: We are also working on blockchain projects I thought he was being polite, but what he actually mentioned was @ KAIO-xyz. This thing tokenizes their funds directly on the blockchain and can also run on networks such as Sei and Hedera. The siege lion believes that this is not blockchain chasing finance, but finance actively moving to the chain. When Blackstone level assets begin to flow, the true chapter of RWA has just begun. 1/ Last week, @ KAIO-xyz launched Hamilton Lane's Senior Credit Opportunities Fund (SCOPE) token carrier on Sei Network. That is to say, not only money market funds, but also "old financial assets" such as private equity loans are circulating on the chain. The siege lion believes that this is a clear signal - RWA is no longer just a "mining+new money" sector, but the era of truly making traditional assets "tradable on the chain" has officially arrived. 2/ Compared to previous "tokenized funds", KAIO's logic this time is deeper: Tokenized advanced credit strategy (which is a heavier and more complex asset class) Support on chain circulation, redemption, and combined use (potential DeFi collateral scenarios) Siege Lion believes that KAIO has taken a big step from "tools" to "infrastructure" - it is building the prototype of an "on chain asset management system". 3/ Of course, new opportunities bring new challenges. The siege lion pays special attention to three things when watching such projects: Verifiability of compliance on chain status: Private equity credit cannot just be "on chain", it also needs to be able to be "audited outside the chain+presented on chain". Matching asset liquidity with holding rhythm: Private equity credit usually has a lock up period and a slow pace. If abstracted as "immediately convertible" after being put on the chain, the risk mismatch may be amplified. The governance cost of cross chain/network distribution: The collaboration between KAIO and Sei means more possibilities for distributed assets, but it also means that compliance, freezing, redemption, and collection processes must be synchronized across multiple networks. Siege Lion Judgment: If this one is not done well, "going on chain" may become "scratching the surface". 4/ From the data, KAIO's size in the RWA ecosystem is still not a giant - but the siege lion values "asset type upgrading" more than "digital scale". From monetary funds, hedge funds to advanced credit strategies, this horizontal expansion is more crucial than simply increasing TVL. 5/ Prediction of the Siege Lion: In the short term, KAIO will first turn "stable income assets+institutional level credit" into an on chain composable module, providing a new entry point for DAO, treasury, traditional asset management+on chain linkage. Mid term: When these assets begin to be mortgaged, borrowed, and re pledged, it is not just a funding channel, but also the "chassis of the on chain asset ecosystem". Long term: Whoever can take down both the thickness of "compliance+circulation" will occupy the home field of RWA in the next round. The siege lions feel that KAIO is moving towards this home road.