I actually don't want to follow the trend and chase the rally in this round of Sei. Recently, the $CLO market movement was like a signal flare, indeed stimulating the return of funds and popularity. But that's the problem—after the gunfire, the real test is: who can consolidate this heat into a tangible structure, who can establish that kind of self-sustaining competitive advantage.

Right now, I'm focusing on two projects. Neither of them constantly touts the concept of issuing tokens, but their positions in the ecosystem are solid: Monaco and Takara.

The former is exploring at the application level, while the latter delves into infrastructure. Neither is supported by hype but by real work. That’s the direction I want to pay attention to. The heat will eventually fade, but what remains will always be the solid stuff.