Let's get down to business, I strongly recommend that those who are interested in RWA focus on compliant on-chain brokers, which should have a great opportunity, of course, the probability of compliant on-chain brokers issuing coins is very low, but RWAFi based on on-chain brokers will have a great chance. To put it mildly, for example, BlackRock has established an on-chain brokerage system, which can be used by BlackRock to buy U.S. bonds through stablecoins, and the confirmation of U.S. bonds is most likely in the form of "on-chain notes", which can be settled and accepted off-chain, and the possibility of NFTs cannot be ruled out. Then DeFi based on this form of note (NFT) is very interesting, for example, you can re-pledge U.S. bonds to provide liquidity for purchased U.S. bonds, and the essence of this RWAFi does not require strong compliance, and there will be a lot of ways to play, but the security is definitely poor, but because the on-chain brokerage is likely to support KYC recovery, it is not necessarily a risk to lose or be stolen. But this form will definitely increase the difficulty of RWAFi, for example, I bought $1 million of 10-year US bonds, and then pledged another RWAFi platform, and then went to BlackRock to complain, my bill was stolen, based on my personal KYC recovery (offline is OK). This makes it even more difficult. This tweet is sponsored by @ApeXProtocolCN|Dex With ApeX