When evaluating a protocol that claims to be a "fixed income layer", simply following the coin price may overlook more important indicators. In fact, we should focus on three key dimensions: scale, market coverage, and pricing mechanism.

From a scale perspective, the official data for 2024 showcases the growth trajectory of the total locked value (TVL) from the project launch to the end of the year and the monthly growth rate. This data strongly demonstrates the protocol's ability to maintain a stable asset carrying capacity during market fluctuations, while also reflecting investors' recognition of its standardized interest rate model.

In terms of market coverage, the layout of this protocol on mainstream exchanges determines the breadth and depth of its participation. With the opening of spot trading, the launch of multiple trading pairs, and the introduction of derivative contracts, it provides users with more refined risk management tools. This development facilitates smoother integration between on-chain assets and exchange tools, offering market makers and arbitrageurs opportunities to conduct business around a unified benchmark.

In terms of pricing, we should not only focus on the performance of the secondary market but also closely monitor the valuation trends in the primary market and private placements. According to financing information reported by the media, the project team has achieved new market valuations while advancing fixed income business. Together with the price performance of the exchange, this forms a dual validation of the project value from both internal and external perspectives. Although short-term price fluctuations are not the core focus, the valuation trajectory can reflect whether market expectations are converging and whether investors are willing to pay a premium for standardized interest rates and asset container functions.

In addition, the objective indicators such as circulation, market value, and trading volume continuously provided by the on-chain data platform lay the foundation for researchers to build long-term tracking and analysis. However, to arrive at more comprehensive and robust judgments, these data should be analyzed in conjunction with indicators such as TVL, yield curve structure, funding term distribution, and exchange depth. Only by focusing on the core concept of 'standardization' can one truly grasp the value of fixed income protocols.