$PLUME's upcoming listing on Binance has once again brought market focus to this RWAFi newcomer. From a TVL of over $330 million in two months to leading with 177,000+ RWA holders, has @plumenetwork used data to reframe the narrative for the RWAFi track? 1) At first glance, 177,000 RWA holders and $330 million might seem abstract, but if we consider that these 177,000 RWA holders exceed the total RWA holders of ETH and Solana, and the $330 million TVL is backed by over 90% capital utilization rate, it might give a new perspective on this "top player" in the RWAFi frontline; 2) If the previous bull market was dominated by "public chain narrative", this round has clearly shifted to "yield narrative". The yield triangle formed by Plume, Ethena, and Ondo represents three different paths: @ethena_labs focuses on synthetic dollar stable yields, @OndoFinance concentrates on government bonds and traditional fixed income, while Plume chose a hybrid yield - combining TradFi returns and DeFi strategies. This approach combines the stability of TradFi government bonds with DeFi's aggressive circular leverage, with a real-time circulation of over $40 million in RWA funds supporting its model; 3) Even more intriguing is how giants are participating. Traditional financial behemoths like Apollo, Galaxy, and Fidelity are not simply investing and waiting for returns, but directly issuing and deploying assets on Plume. This "shareholder and customer" deep binding essentially solves RWA's most challenging cold start problem - having assets, liquidity, and endorsement, a trinity of sorts. Of course, challenges in the RWAFi track remain, primarily regulatory uncertainty and traditional institutional players' acceptance. Plume has chosen a pragmatic path to first solidify "capital efficiency" and "real yield" - the key concerns of traditional institutional players, using a novel yield narrative to prove the value of underlying infrastructure, which is perhaps more convincing than any grand narrative or vision.