My previous understanding of on chain profits was simple: What is the annualized amount, how long will it take to recoup costs, and can it be doubled. As a result, after several years, I found that I had been working for my emotional state. A few days ago, when I saw @ KAIO-xyz putting Hamilton Lane's SCOPE private equity credit fund on the chain, I had a feeling in my mind: ——This thing is a bit like a 'high-end rental book on the chain'. In reality, some big brothers make a living by collecting rent: Not seeking sudden wealth, but having a fixed monthly income and a particularly stable mindset. SCOPE follows a similar logic: Lend money to the most stable enterprise, collect interest as agreed every month, and prioritize repayment at the senior secured level. Previously, this strategy required a starting price of 2 million US dollars to play, but now it can be used for 10000 US dollars to get on the car, and can also be mortgaged and circulated on the chain. For me, there are two more important points: 1) The fund shares that used to be "locked up for a long time after buying, and wanted to sell at the mercy of others", Now that there is a 24-hour trading on chain price, the liquidity discount has been re priced by the market; 2) The portion of profits that were originally consumed by a circle of intermediaries is gradually shifting towards the true holders. In addition, this is the first time that the $5.7 trillion private equity credit market has seriously adopted DeFi's funding efficiency, You will find that: On the chain, it's not just the emotional plate, but also the influx of "adult cash flow business". KAIO chose to do AppChain on Sei, and I think it's also very clear: Whether RWA can succeed or not depends on storytelling, It really falls into three things: compliance, speed, and liquidity. Asset on chain is not for the sake of aesthetics, but for: Can be used, combined, and mortgaged on the chain, rather than lying there as a PPT. Of course, this kind of thing is not prepared for everyone. If you only want to compete tenfold or hundredfold now, looking at products like SCOPE will only make you feel 'too slow'. It is more suitable for those who are starting to realize: On chain profits are not necessarily limited to speculation alone.