There was a topic that became popular in the community for a while, but few people truly understand the underlying infrastructure.

Everyone is talking about RWA as the new engine of the bull market, but no one has really broken it down to explain—why it will become the key for institutional entry in the next wave. The answer is actually simple: institutions need two things.

First is compliance. Second is privacy.

Take recent developments as an example. A certain privacy L1 project partnered with NPEX to create something called DuskTrade, which directly moved €300 million of securities assets onto the chain. These are not imagined assets; they are real, existing funds that are already there. What does this represent? It means real money is indeed flowing in this direction.

The same project's mainnet is also about to launch—scheduled for the second week of January. The new mainnet will be compatible with the Ethereum ecosystem and will have a privacy protection core. For developers, this is the environment they've been waiting for.

Looking at the entire L1 track, it seems that only this one can achieve the utmost in both compliance and privacy protection. The current price level? To be honest, it's already quite low.

The key question is: are you the one who acts when it's time to enter, or are you the one who reacts only when the price is high and takes over at the top?