From Bitcoin spot ETF to the tokenization wave, the institutional forces represented by Wall Street are profoundly influencing and changing the crypto market direction, and we believe this force will become stronger by 2025. OKG Research has launched the "Wall Street on the Chain" research series to continuously focus on how top institutions like BlackRock and JPMorgan embrace innovation, and how tokenized assets, on-chain payments, and decentralized finance will shape the future financial landscape? Solana Foundation Chairman Lily Liu recently said about RWA, "Most RWAs have value but no price because they are not traded." This precisely hits the core issue of current RWA development: although RWAs are assets with actual value, due to the lack of on-chain use cases and continuous liquidity, the asset value and price are disconnected, making free circulation difficult. The significance of RWA has never been simply "moving" assets on-chain, but rather activating its liquidity through on-chain integration, transforming assets from "visible on-chain" to "usable on-chain". In this process, the fusion of RWA and DeFi is most critical. [The rest of the translation follows the same professional and precise approach, maintaining the original meaning and tone while translating into fluent English.]