This chart helps explain why we've been so focused on asset-backed finance, specialty finance, and fintech lending. These categories have reached meaningful scale faster than many more familiar RWAs, not despite the complexity of the underlying markets, but partly because of it. Much of private credit and specialty finance does not operate on highly standardized infra. Assets are fragmented across originators, servicing systems, custodians, lenders, and financing vehicles. Data can be difficult to verify, ownership records are often siloed, and transactions still depend heavily on manual reconciliation and bespoke processes. That creates a particularly strong case for blockchain. The opportunity is to improve the full lifecycle of credit: Origination → verification → funding → distribution → collateralization → servicing → repayment This is becoming increasingly important as credit itself moves faster. Short-duration receivables, embedded lending, BNPL, merchant cash advances, payroll-linked products, and other forms of fintech credit are being originated at greater speed and in larger volumes. But the infra supporting these products has not kept pace. Avalanche is working to help close that gap by providing a shared, programmable system for tracking assets, coordinating participants, moving capital, and automating payments and servicing. And the opportunity goes beyond making existing markets more efficient. Better infra can enable entirely new financing models, distribution channels, and credit products that would be difficult to support using today’s fragmented systems. That is exactly why the category is so compelling for the @avax ecosystem.