The news of $PLUME's upcoming listing on Binance has once again focused the market on this upstart in RWAFi. From surpassing $330 million in TVL in just two months to securing a top spot with over 177,000 RWA holders, has @plumenetwork used data to rewrite the narrative for the RWAFi sector? 1) While the 177,000 RWA holders and $330 million figures might seem insignificant at first glance, considering that 177,000 RWA holders exceeds the combined RWA holders of Ethereum and Solana, and that the $330 million TVL is backed by a 90%+ effective capital utilization rate, this "top player" who has consistently been at the forefront of RWAFi might be taken aback. 2) If the last bull market was dominated by the "public chain narrative," this one has clearly shifted to the "yield narrative." The yield triangle formed by Plume, Ethena, and Ondo represents three distinct paths: @ethena_labs's stable returns on synthetic USD, @OndoFinance's While focusing on traditional fixed income like government bonds, Plume opts for a hybrid approach—combining TradFi returns with DeFi strategies. This approach combines the robustness of TradFi government bonds with the aggressiveness of DeFi's circular leverage. The key takeaway is that its revenue model isn't just a fantasy; it's backed by over $40 million in RWA revolving funds operating in real time. 3) Even more intriguing is the way the giants are participating. Traditional financial giants like Apollo, Galaxy, and Fidelity aren't simply investing and waiting for returns; instead, they're directly issuing and deploying assets on Plume. This deep integration of "being both a shareholder and a customer" to some extent solves the most difficult cold-start issue for RWAs—the trinity of assets, liquidity, and backing. Of course, even so, challenges remain in the RWAFi market, primarily due to regulatory uncertainty and the level of acceptance among traditional institutional players. Plume has chosen a pragmatic approach, first solidifying the key priorities of traditional institutional players: "capital efficiency" and "real returns." Using a new revenue narrative to demonstrate the value of driving underlying infrastructure is perhaps more persuasive than any other grand narrative or vision.