Dashan, CEO and Co-founder of Waterdrop Capital: Focusing on Bitcoin and DAT Innovation, and Having Invested in Over 10 BTCFi-Focused Projects, Including Merlin Chain Bonnie: Besides well-known innovative projects like Hyperliquid and Polymarket, what other trends have you been paying particular attention to recently? Dashan: We have two main areas of interest. The first is innovation surrounding Bitcoin and DAT, including helping various Treasure assets enter the DeFi ecosystem. This sector may seem traditional, but it actually has many new application scenarios. In the past few years, the connection between mainstream assets like Bitcoin and Ethereum and traditional capital markets (especially the stock market) has deepened. More and more funds are allocating these crypto assets through traditional financial channels. The question then arises—besides enjoying the Beta returns from market growth, how can we further create Alpha? This is actually a huge opportunity. The entire market is extremely large; the market capitalization of Bitcoin and Ethereum alone exceeds two to three trillion US dollars, not including traditional assets such as stocks. If we tokenize stocks (RWA) and put these assets on the blockchain, allowing them to participate in lending, staking, and other scenarios within the DeFi system, this would represent a completely new growth area. Bonnie: That sounds like a very promising direction. Can you help us imagine what this trend would look like as it develops further? Dashan: We can give a simple example. Suppose there's a DAT company that has approximately $100 million in Bitcoin assets. Normally, these Bitcoins are kept in custodial wallets, which is actually a "waste." If these assets could be used in BTCFi products, for example, to earn a 5% annualized return, the company could generate an additional $5 million in profit annually. For a Nasdaq-listed company, that's a very good profit level. At the same time, we can also tokenize the company's stock. For example, there's a company called xStocks, a collaboration between Backed Finance and Kraken, specializing in RWA for stocks. In the future, we can put stock tokens on the blockchain and further integrate them into the DeFi system—such as staking, loans, and even liquidity mining. This way, investors can not only enjoy the appreciation brought by Bitcoin but also obtain additional returns from BTCFi; simultaneously, stock tokens can also achieve higher liquidity on-chain. We have already invested in over [number missing] related projects, all centered around the theme of BTCFi. These include Solv Protocol, BTC Layer2 Merlin Chain, Lorennzo Protocol, and others, all attempting to introduce deeper DeFi capabilities to Bitcoin assets, enabling the BTCFi market to perform exceptionally well. Video Link: youtu.be/Eu24E96X0Kc?si=cvwrNz...…