In 2025, only one sector will maintain continuous positive growth and reach a historical high, and that is RWA. By the end of 2024, the RWA market size is approximately $15.2 billion, expected to reach $24 billion by June 2025, with an annual increase of over 58%, of which about $5.4 billion net inflow occurred in the second quarter. In contrast, AI and Depin sectors have dropped 45% since the end of 2024, MEME has dropped 80%, and the liquid staking sector has dropped 15%. Why can RWA stand out? As previously mentioned, U.S. Treasury products alone have seen a net increase of $800 million from January to March 2025, with a scale surpassing $4.2 billion. BlackRock BUIDL, Franklin BENJI, Republic, and Maple private credit are driving stable cash flow assets on-chain. Additionally, with U.S. Treasury yields maintaining around 6% in the first half of 2025, which is higher than most on-chain stable yields, it is logical for funds to continue flowing into RWA. Of course, Ethereum's full shift towards institutional adoption is also one of the driving forces for RWA. Currently, there is a complete RWA ecosystem infrastructure in crypto: Ethereum mainnet + Layer 2 (Base / Berachain) + specialized RWA bridges (Circle Perimeter, Centrifuge). What are the core products and tokens? Government bond yield products are mainly represented by BUIDL (BlackRock), BENJI (Franklin Templeton), and OUSG (Ondo). The main tokens include $ONDO, $OM (Mantra) (note the risks), $CFG (Centrifuge), and $POLYX (Polymesh). Of course, you can also bet on the foundational layer of RWA, which includes $LINK (Chainlink) and $ALGO (Algorand).