It was a busy day, and I just finished decorating the Halloween pumpkins when I saw that the MegaETH ICO ended in a few hours. The funds locked for one year already amounted to 94M, roughly double the 50M raised. Those who didn't lock their funds are basically out of luck. The market is still consolidating, but what truly determines the next round is often not the candlestick chart, but who is laying the "funding channel" on the blockchain. I saw that @KAIO_xyz recently appointed a new CTO. KAIO's approach is straightforward: turn institutional-grade funds into DeFi "Lego," completing subscription/redemption/operation on a compliant track. Last week, they moved @LaserDigital_'s LCF fund to @SeiNetwork; this week, they added another layer—Ondo co-founder Dr. Pinku Surana is at the helm of the project. This isn't just "storytelling," but rather about building a robust funding channel and maximizing product development. Siyuan believes: 1) The entry point is right – start with verifiable cash/yield strategy funds, which are compliance-friendly; 2) Multi-chain distribution and unified compliance are more conducive to liquidity aggregation and secondary market scenarios; 3) In the short term, look at on-chain AUM and redemption depth; in the medium term, look at who is willing to provide collateral/yield splitting on top of it; 4) Major risks: regional regulatory interpretations, dependence on a single institution, and redemption runs under extreme market conditions. Transparent reports and on-chain data are needed to support these risks. To see the certainty of RWA 2.0, see who first atomically records the fund's lifecycle on the blockchain. This is a note to note; data will be used to verify it later.