I just carefully read the article posted by KiiChain. This article is not just a promotional material, but it expands the original intention of the project party to us. @KiiChainio After reading it, I actually feel that my previous understanding of KiiChain as "L1 for RWA, payment, and FX" was a bit narrow. What it really wants to solve is actually a very traditional and even not very sexy problem: How can emerging market money enter the global dollar system more efficiently? KiiChain didn't start with 'I want to make a chain'. The team has been doing OTC and B2B payments in Latin America for the past few years, and has truly handled cross-border capital flows for enterprises. Therefore, the problems encountered are very practical: insufficient liquidity of the US dollar, restrictions on bank operating hours, layers of intermediary banks, fragmentation of the local currency FX market, and slow and expensive cross-border settlements. So the development path of KiiChain is actually reversed: Firstly, there will be payment and FX services, and then the verified fund flows will be moved onto the chain. This is also what I think is the biggest difference between it and many L1's. Currently, Kii has accumulated over $600 million in transaction volume, with approximately 90% coming from corporate clients, with over 200 corporate clients and 350000+users. The three local currency channels of COP, BRL, and MXN have been launched. And its core AQN (Atomic Quote Network) is not essentially a copy of Crypto's AMM. Due to the fragmented liquidity of emerging market FX, many currency pairs are not suitable for AMM and it is difficult to maintain a deep enough order book in the long term. Kii chose an RFQ that is closer to the traditional foreign exchange market: Market maker quotes → Router finds the best price → Fulfillment provides liquidity → Settlement on chain atomic settlement. Simply put, it means finding prices using TradFi and completing delivery using blockchain. Looking at the Roadmap at the back makes it easier to understand what they really want to do. - Step one, continue to expand FX Corridor Now it's COP, BRL, MXN, and we will gradually add USD, ARS, JPY, EUR, GBP, CLP, PEN, while also integrating TRON USDT. There is a network effect worth paying attention to here: Every time a new currency is added, it is not just an additional market, but can be recombined with existing currencies to create more cross-border pathways. The second step is Yield Vault I think this step is crucial. Because if a company's money has already been settled through Kii for FX and cross-border transactions, there will be a large amount of idle balance in the process of waiting for payment and currency exchange. What Kii wants to do next is to let these money enter RWA vaults such as USDT/USDC yield strategy, short-term US debt and local treasury bond without leaving the system. This means that Kii's competition is not just about "trading volume", but also about the company's Treasury Balance. The third step is the US Virtual Account According to the roadmap, the plan is to launch a virtual account in the United States in November, allowing eligible users to have ACH/Wire payment capabilities and receive US dollars directly into their on chain balance. At this point, Kii's entire business cycle is actually quite clear: Collect US dollars → Hold US dollars → Convert FX to local currency → Cross border payments → Obtain profits from idle funds. So now I prefer to understand KiiChain as a set of Emerging Markets Financial Rail being built. Chain is just the bottom layer, what is truly valuable is how much real capital flow runs on top. Of course, the most worth tracking afterwards is not "how many ecological projects have been launched again", but a few more practical data: Can the new FX Corridor be implemented as planned, can the enterprise's trading volume continue to grow, can the Virtual Account bring new capital flows, and how much of these funds can ultimately be deposited into Kii's Vault and financial services system. If these indicators can continue to rise, then the valuation logic behind KiiChain may gradually shift from "how much is this L1 worth" to: How much capital can this network connecting emerging market currencies with the global dollar economy carry. I think this perspective is the most worthwhile part to observe KiiChain from next.