There was a recent incident that few people in the market paid attention to. BNY Mellon (Bank of New York Mellon) launched a tool related to on-chain data (Digital Asset Data Insights) on Ethereum, which is mainly to promote the on-chain of fund accounting data by broadcasting net asset values on the Ethereum chain. BNY is the world's largest custodian bank, with total assets under custody of about $50 trillion. Its move to launch on-chain data on Ethereum is not a big move, but for such a traditional large institution, any simple action also has its strategic considerations. This represents the beginning of some future possibilities for large institutions to explore on Ethereum. The more likely prediction is that these institutions may build their own L2 chains or private chains based on Ethereum's security in the future, which can not only reap the security of Ethereum, but also maintain privacy, asset security, and other cryptographic benefits (asset traceability, fast settlement, etc.). Previously, BlackRock BlackRock also launched a tokenised fund (BUILD) on Ethereum, and custodian banks such as State Street are also exploring the application of blockchain technology. The continuous exploration of these big institutions reminds me of a small occasion I participated in in Hong Kong earlier this month, in which the IOSG @jocyiosg The big guy asked everyone what is Ethereum in one sentence? Vitalik (@VitalikButerin) says that Ethereum is the world computer. As before, it seems that his ultimate dream is still to be the whole world: Ethereum to carry a variety of different application scenarios around the world. My answer at the time was: for now, Ethereum is a settlement platform that you don't need to trust. As long as the settlement of the digital economy in the future can mainly take place on Ethereum and its ecology, Ethereum is great enough. If this vision can be realised, it will be enough to make Ethereum the greatest financial platform of all time, and the most important part of the digital economy of the future. This also includes mutual settlement between AI agents in the future. Of course, all this is not necessarily inevitable, and it needs to be achieved with enough hunger and thirst from the Ethereum community, after all, the crypto world is changing too fast. If more and more RWA can occur in the Ethereum ecosystem, the transaction volume and activity of the digital economy will far exceed today, and if Ethereum L1 and L2 are well prepared, the future will be very interesting. It just so happens that Vitalik put forward the idea of "replacing EVM with RISC-V", skipping all the technical details here, if it can really be implemented, then the ZK proof efficiency can be increased by up to 100 times, which means that the performance of Ethereum L1 has been greatly improved, and the performance advantages of other L1 relative to Ethereum will be difficult to sustain, of course, it will take at least 2-3 years to land. From this point of view, it can also be seen that Vitalik is actively seeking change, which will have a positive impact on Ethereum in the long run. Of course, in the short term, the most important thing is the application, for example, you can't miss the exploration of multiple track applications such as AI agents. This is the top priority.