Global asset management giants focus on on on chain finance, DeFi faces structural challenges Asset management giant BlackRock buys UNI tokens, Apollo promises to buy billions of dollars worth of Morpho tokens, and Wall Street shows strong interest in DeFi's future. However, BlackRock, Blackstone, and Blue Owl have experienced a wave of concentrated redemptions, with Aave founders warning Wall Street to view RWA as a liquidity exit channel. DeFi is facing issues such as the lack of risk-free interest rates and the bankruptcy of token economics. Vault has become the starting point of a new stage, but it still lacks a mechanism to trigger asset price inflation. CEX, as the core of fund interweaving, Vault and Curator need to explore more efficient channels for fund coupling to drive market development.