You can touch a factory. But you can't touch what keeps it alive. People often trust real estate and traditional businesses more because they're physical. Concrete, land, machines. You can walk in and touch the walls. But a building isn't the same thing as a living business. Picture a factory in a crisis. The machines are still there. So are the walls. Yet suppliers stop delivering, workers stop showing up, customers disappear, and production goes silent. The hardware survived. The economic engine stopped. To me, capital is a form of energy. Not literal electricity, of course, but the force that coordinates human work, resources, time, attention and demand. And you can see it in lending. A bank looks at two businesses. One has busy production lines, paying customers, healthy cash flow and well-maintained property. The other has idle machines, unpaid bills and an empty warehouse. The buildings may look similar from the street. The amount the bank is willing to lend may be very different. Invest in the property, improve operations, build reliable cash flow, and the business may become more creditworthy. More financing can become available based on its assets and earnings. That credit is another injection of energy. It can finance more equipment, more workers, more production. A new cycle begins. Now look at onchain lending. The logic is similar, even though the mechanics are different. A smart contract doesn't inspect a factory. It looks at eligible collateral, market prices, liquidity and predefined risk limits. Stronger, more valuable collateral can support more borrowing capacity, within those limits. And then the borrowed liquidity can go to work elsewhere. It can fund another strategy. Help build another productive position. Generate fees or rewards. Potentially create an asset that produces its own cash flow. One pool of capital sets another machine in motion. This is also how I think about property. Yes, you can live in an apartment. Yes, its walls have value. But a thriving property market needs buyers, incomes, credit, maintenance and infrastructure. Heating and electricity don't run on concrete alone. Nor do grocery stores, transport networks or the services surrounding your home. All of them need people, resources and a continuous flow of economic energy. And the same applies to digital businesses. A DeFi protocol has no marble lobby. But it can have real users, real demand, lending activity, trading volumes, fees and cash flows you can actually track. Physical doesn't automatically mean safe. Digital doesn't automatically mean worthless. What matters is whether people need the service, whether the economics work, whether capital keeps circulating, and whether the system can survive stress. Of course, leverage isn't free energy. Loans have costs. Collateral can fall in value. Smart contracts can fail. A flywheel can spin backward too. But the underlying idea fascinates me. Capital supports activity. Activity creates value. Value attracts more capital. And wisely used credit can accelerate the entire process. The more experience, knowledge and attention you bring into this system, the more opportunities you can recognize and connect. A business is not just the building, the machinery or the code. It's the living flow of energy through all of them. And that flow is what I love studying, building and investing in.