After looking at a bunch of data, I’m honestly kind of tired. Stablecoin supply is rising, and money is definitely flowing into the ETF side, but you can’t just say this is a direct push behind a bull market. Anyway, I don’t trust such a linear causal chain. Recently, several RWA projects have been brought up again and compared with on-chain yield products. To put it bluntly, with U.S. Treasury yields sitting there, a lot of those so-called “interest-bearing” on-chain returns are coming from RWA arbitrage, not some fresh incremental growth. Capital is moving, but it’s not flowing into consensus so much as it’s looking for arbitrage gaps. I don’t know how else to say it—these interpretations are increasingly starting to look like a puzzle game. Forget it; I still have work to do—submit the proposal updates.