Franklin Templeton @FTI_US is now the ninth largest project in terms of total lock-up on Arbitrum When I saw the news, my biggest feeling is: in the past, when we talked about DeFi, it was a testing ground for idealists, but now, it is being faced, accepted, and even adopted by the real capital market. I would like to talk about a few words from the perspective of "trust migration": Traditional financial institutions have always been regarded as risk-averse, stable and conservative. In the past, companies like Franklin Templeton, which managed trillions of assets, had a more cautious on-chain attitude towards on-chain assets. Now, it has not only issued an on-chain-based compliance fund, but has even actively deployed it on DeFi homes like Arbitrum, making it the ninth largest project in its TVL. This behavior itself sends a signal that trust has migrated from off-chain to on-chain, from centralized systems to smart contracts and public chain ecosystems. And what does this mean for the entire Web3 industry, especially the Layer 2 expansion solution represented by Arbitrum? It means that this chain has jumped from "technically feasible" to "capitally reliable". Further, this trust migration will also change the entire narrative structure: in the past, when talking about blockchain, we always emphasized "de-intermediation", "anti-banking" and "distrust is value", but now, we are talking about "on-chain funds", "tokenized treasury bonds" and "compliance entry", not to overthrow the financial system, but to become its new skeleton. This is not only a milestone for @arbitrum, but also a turning point for DeFi to enter the mainstream asset allocation category. In the future, more funds, more chains, and more assets will follow this path: on-chain trust has changed from a vision to a reality. Arbitrum is everywhere 🫡 @arbitrum_cn