Let's get back to the main topic. I strongly recommend that those interested in RWA (Real World Assets) focus on compliant on-chain brokers, as there is likely a significant opportunity here. Of course, the probability of compliant on-chain brokers issuing tokens is very low, but the opportunities for RWAFi (Real World Asset Finance) based on on-chain brokers will be substantial. In simpler terms, for example, if BlackRock establishes an on-chain brokerage system, it could allow users to purchase U.S. Treasury bonds through stablecoins on BlackRock. The confirmation of ownership for these Treasury bonds is likely to be in the form of "on-chain notes," which can be settled and redeemed off-chain. There is also a possibility that these could be NFTs. DeFi based on such note (NFT) formats becomes very interesting. For instance, you could stake U.S. Treasury bonds and provide liquidity for the purchased bonds. The essence of this type of RWAFi does not necessarily require strict compliance, allowing for many innovative approaches. However, the security would certainly be weaker. That said, since on-chain brokers are likely to support KYC-based recovery, losing or having assets stolen may not necessarily equate to risk. However, this form will undoubtedly increase the complexity of RWAFi. For example, if I purchase $1 million worth of 10-year U.S. Treasury bonds, stake them on an RWAFi platform, and then file a complaint with BlackRock claiming my notes were stolen, I could recover them based on my personal KYC (which is feasible offline). This increases the difficulty. This tweet is sponsored by @ApeXProtocolCN | Dex With ApeX.