Where is the future of Web3? AI+encryption was once seen as a trend with a grand narrative, but its popularity has receded and only chicken feathers remain. The one that has never left the market is actually on chain finance. Real estate can be put on the blockchain, art collections can be put on the blockchain, and everything can be put on the blockchain. Behind this is a trend - blockchain is gaining the ability to carry real assets and reduce the cost of their circulation. What truly makes sense is not to turn real assets into tokens, but to enable the transaction logic, ownership structure, and cash flow of assets to run on the chain. The outbreak of RWA track is the process of verifying this ability. In the past two years, the scale of on chain RWA has exceeded 34 billion US dollars, of which private credit accounts for nearly 60%. In this context, PACT emerged. PACT is developed by the Pact Foundation and operates on the Aptos public chain, positioning itself as an "on chain credit infrastructure". It does not focus on fancy storytelling, but attempts to bring the loan itself onto the chain - initiation, service, repayment, default handling, stablecoin settlement, with the entire process programmable. As of now, the cumulative matching loans on the protocol chain have exceeded 1.9 billion US dollars, the active loan scale has exceeded 600 million US dollars, the creation of wallets has exceeded one million, and the on chain transaction volume has exceeded 22 million. In the Aptos ecosystem, it has become the number one RWA protocol. Unlike simply tokenizing US bonds or bills, PACT emphasizes "underlying restructuring". Each loan is recorded with dynamic NFT terms and status, settled in real-time with stablecoins, and profits are automatically distributed according to rules. Borrowers and investors can participate after completing KYC, with personal information stored off chain and hashed on chain, balancing compliance and efficiency. In other words, it is not selling a 'financial product' on the chain, but building a financial track. More noteworthy is the scene itself. PACT collaborates with multiple institutions to promote decentralized microfinance in emerging markets. Stablecoins are not only used for transactions, but also for issuing small loans, salary payments, and cross-border settlements. For borrowers, interest rates have decreased; For fund providers, transparency is enhanced; For the system, costs are compressed. Give a simple example. In Tuao, a small e-commerce merchant requires a turnover of $3000. Traditional bank approval takes several weeks and requires complex materials, which may ultimately result in rejection due to insufficient credit records. Under the on chain credit system, local fintech companies are responsible for reaching customers, writing loan terms into on chain contracts, and disbursing funds through stablecoins. Repayments are automatically settled on a periodic basis and recorded as verifiable on chain credit history. Interest rates have decreased, time has shortened, and funding providers can see asset performance in real time. This is the true meaning of 'on chain finance'. In the past, we witnessed data going live on the blockchain, and now, funds are starting to go live on the blockchain, followed closely by credit. The next stage of everything that can be put on the chain is not collections, but cash flow. If you believe that the future of finance belongs to the on chain world, then what PACT is doing is turning this belief into a viable reality.