Kyle's departure from Multicoin has reignited discussions about the future of the cryptocurrency industry. Some say cryptocurrencies are no longer sexy, while others see this as the last darkness before dawn. Regardless, this bear market has ushered in a shakeout for Altcoin, especially VC coins. Having a mainnet alone isn't enough, nor is a compelling narrative. You either need a solid retail investor base and real usage, or you need to attract institutional investors with substantial institutional users and funding. Alternatively, reaching retail investors through institutions is also an option, similar to a B2B2C model. The best examples of the former are undoubtedly Hyperliquid and Pump, while Maple Finance and Canton set a good example for the latter. Maple Finance focuses on providing short-term lending to institutions, operating within the institutional RWA (Recovery and Default) blockchain space. Its TVL (Total Value Leverage) has remained stable at 2-3 billion, with a fairly good yield. Canton, on the other hand, is an L1 blockchain operating within the "institutional privacy" space, offering bank-level privacy, regulatory auditability, instant and irreversible settlement—all features truly needed in traditional finance. What would happen if these two blockchains converged? @RaylsLabs provided a sample description: Rayls is the first company to truly integrate banks' "hidden assets" into the public EVM world's infrastructure through bank-grade privacy technology Enygma. Institutions need privacy, markets need liquidity, and retail investors need opportunities. Rayls connected the three together. Let's take it apart simply. 1. Bank's "Hidden Assets" - This is the core part. Every day, billions of dollars flow between businesses: accounts receivable, trade finance, private lending... These RWAs constitute a hidden economy. They exist only within the banking system, serve only institutions, and are completely inaccessible to ordinary people. This is why institutions always get higher returns, while retail investors can only chase volatility, buying high and selling low. Rayls primarily focuses on bringing these assets onto the blockchain and tokenizing them. 2. Privacy technology Enygma - The institution first tokenizes the previously mentioned assets on its own privacy-preserving nodes, and then bridges them to the Rayls public chain, an open EVM L1 public chain, via Enygma privacy technology. Enygma provides - Bank-grade privacy (ZKP + FHE) Maintaining confidentiality while ensuring auditability allows institutions to migrate assets from privacy nodes to public blockchains without leaking sensitive data. The entire architecture is designed specifically for the stability, privacy, and auditability needs of banks and institutions. In Rayls's view, banks have long been trapped in private systems like Corda and Fabric. By connecting them to the public EVM world's infrastructure through Enygma, this democratizes a market worth trillions of dollars. This isn't just a PowerPoint presentation or simply trading tokens; it's participating in real business cash flow, and there's already considerable data available. Núclea – Brazil's largest payment infrastructure, has been tokenizing $10,000 of receivables weekly for over a year. AmFi – Introduces $1 billion in receivables to Rayls Nimofast, a large Brazilian aggregator platform, has partnered with several investors besides Parafi and Framkework. Another name worth mentioning is Tether, as Parafi (Rayls' core development company) received investment from Tether a few months ago to promote USDT adoption among institutions in Latin America. Tether's investment acumen has been widely recognized in the industry over the past two years. Its 140 tons of gold reserves alone have yielded a paper profit of $5 billion. Not long ago, it launched a new stablecoin, USAT, directly competing with USDC in the US compliant market. With a valuation of $500 billion, it's enjoying unparalleled success. From Maple to Canton to Rayls, this isn't just another story of a new blockchain; it's the beginning of TradeFi's true migration to the blockchain.