Recently, I was chatting with several seasoned investors, and everyone is pointing in the same direction: the next growth engine of the crypto market won't be the retail-driven MEME coins, but rather a large-scale migration of traditional financial assets.

The signs are actually quite obvious. BlackRock has launched tokenized funds, and central banks around the world are researching CBDCs. All of these point to one fact: eventually, all financial assets will be on-chain.

But there's a contradiction that many people overlook. Public blockchains like Ethereum and Solana are designed specifically for native crypto assets. They are more like huge open-air markets—lively, open, and conducive to innovation. But imagine taking the trillions of dollars in stock trading on NASDAQ and the bond markets and moving all that business to an open-air square for operation? That’s unrealistic.

Traditional financial institutions have very specific requirements: bank vault-level security and a constantly compliant legal framework. That’s the key issue.

This is precisely why some projects have been taking a different path from the start. They don’t want to be a "general marketplace," but rather a specialized "Digital Financial Tower."

The core challenge is this: how can we make code understand the law? On traditional public chains, smart contracts only follow code—they have no concept of people or law. But if there’s a framework that can embed legal rules directly into asset logic, making the code inherently compliant, the story changes completely. This is exactly the direction some new-generation public chains are exploring.