A U.S. judge has ruled that the Pentagon’s actions to blacklist Anthropic are unlawful. This decision not only touches the boundaries of AI compliance, but also reflects the tension between regulation and technological innovation. With macro uncertainty still lingering, market capital often favors defense, but it is beginning to scrutinize assets with clearer regulatory visibility. From on-chain data, $DOT (Polkadot) has seen a rise in recent activity. Its cross-chain interoperability narrative holds a distinctive position in the integration of Web3 infrastructure. Changes in institutional holdings indicate that long-term holders have not largely exited due to short-term volatility. $XRP (Ripple) continues to benefit from improving regulatory expectations in the U.S. domestic payments and clearing space. Although the case has not yet reached a final outcome, the movement of capital suggests a potential strategy around compliant stablecoin settlement paths. $INJ (Injective), as a Layer 1 focused on financial applications, has recently shown strong performance in both protocol revenue and derivatives trading volume data, reflecting DeFi institutions’ growing preference for high-performance application-specific chains. Overall, the current market is not a one-way bull run, but a structural divergence. Rather than chasing emotionally driven headlines, it’s better to closely monitor on-chain data such as large transfers and net inflows/outflows to exchanges. For $DOT , $XRP , and $INJ , it’s recommended to watch developer activity within their respective ecosystems and the trend in TVL (total value locked), which often serve as leading indicators. Among these three, which chain do you think is currently undervalued on-chain?