In this bull market cycle, the main storyline is a complete set of core infrastructure that you can’t avoid on-chain: UNI handles on-chain asset exchange, ETH provides the underlying settlement layer, ARB expands Ethereum L2, AAVE enables on-chain lending, ENA synthesizes USD stablecoins on-chain, ONDO builds a compliant foundation for bringing U.S. stocks on-chain—enabling tokenization of U.S. stocks and ETF shares. ZAMA relies on FHE fully homomorphic encryption to provide enterprise-grade privacy protection, addressing the key pain point of protecting holdings when U.S. stocks are moved on-chain. Oracles like LINK/PYTH provide real-time U.S. stock quotations, and LayerZero enables cross-chain distribution. In the era of asset tokenization on-chain, it’s not applications that capture the biggest early gains first, but rather the underlying backbone that carries the flow and circulation of Wall Street assets.