Chainlink co-founder Sergey Nazarov stated that this round of the crypto cycle has released two major positive signals: first, the market has not experienced a systemic risk event similar to FTX during a significant pullback, and overall risk management in the industry has improved markedly; second, the on-chain progress of RWA (Real-World Assets) continues to accelerate, and its correlation with the prices of cryptocurrencies like Bitcoin has decreased, indicating that it possesses independent and sustainable long-term value. He pointed out that on-chain RWA perpetual contracts, institutional participation through DeFi, and the data, cross-chain, and workflow orchestration infrastructure supporting RWA will collectively drive the industry into the next phase. In the long term, the total on-chain RWA scale is expected to surpass that of cryptocurrencies themselves.