The news that $PLUME is about to go live on Binance has once again brought the spotlight to this RWAFi newcomer. From over $330 million in TVL in just two months to more than 177,000 RWA holders firmly at the top, @plumenetwork has made a narrative correction for the RWAFi sector with data? 1) At first glance, the two figures of 177,000 RWA holders and $330 million may seem abstract, but if we say that the 177,000 RWA holders surpass the total of Ethereum and Solana's RWA holders combined, and that the $330 million TVL is supported by over 90% effective capital utilization, it might give a fresh perspective on this "top player" that has always been working on the front lines of RWAFi; 2) If the last bull market was dominated by "public chain narratives," this round has clearly shifted to "yield narratives." The yield triangle formed by Plume, Ethena, and Ondo represents three different paths: @ethena_labs focuses on stable yields from synthetic dollars, @OndoFinance specializes in traditional fixed income like government bonds, while Plume opts for mixed yields—combining TradFi returns with DeFi strategies. This way, the stability of TradFi government bonds can be combined with the aggressiveness of DeFi's cyclical leverage; after all, its yield model is not a castle in the air, as there are over $40 million in RWA circulating funds operating in real-time behind it; 3) What’s even more intriguing is the way giants are participating. Traditional financial behemoths like Apollo, Galaxy, and Fidelity are not simply investing money and waiting for returns; they are directly issuing and deploying assets on Plume. This deep binding of "being both shareholders and clients" somewhat addresses the most challenging cold start problem of RWA—having assets, liquidity, and endorsement, all in one. That said, the challenges in the RWAFi sector still exist, mainly due to regulatory uncertainties and the acceptance level of traditional institutional players, etc. Plume has chosen a pragmatic path to solidify the points of "capital efficiency" and "real returns" that traditional institutional players care about, using a new yield narrative to substantiate the value of the underlying infrastructure, which is likely more persuasive than any grand narrative or vision.