Last night, upon returning, I saw Ondo’s announcement of Ondo Intelligent Portfolios and suddenly realized: this could be the milestone marking the arrival of RWA 2.0. I’ve repeatedly emphasized that RWA is the biggest theme of this cycle—and what we’ve seen so far can be called RWA 1.0: bringing various assets on-chain—U.S. Treasuries, equities, ETFs, gold… I’d call this the Tokenize Assets era, and Ondo is unquestionably the leader in this phase. But I didn’t expect RWA 2.0 to also be pioneered by Ondo—I’d call this the Tokenize Strategies era. In other words, 1.0 is about putting financial assets on-chain, solving the question: “What assets can we buy?” 2.0 is about putting financial services on-chain, solving the question: “How do we hold and manage these assets?” Take the new Intelligent Portfolios as an example—their structure is actually quite simple: At the base layer, they still consist of already-tokenized assets like Ondo Stocks and ETFs. On top of that, a predefined portfolio strategy determines exactly which assets to buy, their weightings, and when to rebalance. For the initial launch, the first three portfolio strategies were developed by BlackRock for Ondo, while Ondo is responsible for implementing these strategies on-chain—allocating the underlying assets, performing periodic rebalancing, and managing product operations. In the end, you don’t need to hold a dozen different tokens—you simply hold one single Portfolio Token. Ondo has automated the entire process: selecting assets → setting weights → purchasing → continuous monitoring → rebalancing. You might naturally wonder: Isn’t this just like buying a 1.0-era tokenized ETF like QQQ or SPY? At first glance, they seem similar—both are baskets of assets, and neither requires you to manage them manually. But the key difference lies in how they’re built and the cost of creation. In TradFi, launching a new portfolio product requires fund structuring, licensing, custody, and issuance—all with extremely high barriers to entry. As a result, only a handful of “standardized” portfolios exist on the market. On-chain is different. When more and more assets are already tokenized, creating a new portfolio essentially becomes assembling these building blocks via smart contracts: allocation, weightings, rebalancing—all encoded into rules and executed automatically. Every adjustment is transparently recorded on-chain. This is why I believe the true potential of 2.0 lies ahead. The team has already confirmed that future iterations will gradually incorporate Perps, spot crypto, options, and more. At that point, combinations previously nearly impossible in TradFi—like U.S. equities + BTC or commodities + options overlays—will become feasible. (Of course, the current portfolios still use only tokenized stocks and ETFs.) One easily overlooked point: The Portfolio Token itself is a token! A token can be freely transferred between wallets, exchanges, and DeFi protocols. Looking further ahead, an entire portfolio could serve as collateral for lending, margin for Perps, or even be embedded within another portfolio. These are still conceptual directions—but once realized, DeFi’s building blocks will evolve from individual assets to full portfolios. This is the ultimate “financial Lego” vision we imagined during DeFi Summer! Looking back at Ondo’s path over the past few years, it’s remarkably clear: USDY solved dollar yield; Ondo Stocks solved U.S. equities; Perps solved leverage; Network solved infrastructure. With each additional asset tokenized, Intelligent Portfolios gain another possible combination. The more 1.0 building blocks there are, the bigger the houses 2.0 can build. RWA 1.0 gave us ownership of assets; RWA 2.0 gives us the ability to configure them. This was once a service reserved for private banks and high-net-worth clients—now, eligible non-U.S. investors can access it with just their wallets. From Tokenized Assets (1.0) to Tokenized Strategies (2.0)—this is how Wall Street moves on-chain, and this is where RWA truly begins to become fascinating. Thank you to @Ondo for supporting this research.